Mumbai Torres Jewellery Scam: Two Directors and Senior Executive Arrested for Fraud

Mumbai, 8th January 2025: On Tuesday, Shivaji Park police arrested two directors and a senior executive from Platinum Hern Pvt Ltd, the company operating the Torres jewellery chain, for defrauding over 18,000 people from Mumbai, Navi Mumbai, Thane, and Mira-Bhayander through fraudulent investment schemes. The arrests followed reports of the company cheating investors out of crores of rupees.

Meanwhile, Navghar police in Mira-Bhayander froze Rs 9.17 crore from the company’s bank accounts. Thane police and APMC police in Navi Mumbai have filed separate cases, while Kandivli police recorded statements from 10 investors and forwarded them to Shivaji Park police, where an FIR has been lodged against five suspects under the Maharashtra Protection of Interest of Depositors Act, 1999. The Economic Offenses Wing has taken over the investigation.

BJP’s Kirit Somaiya has claimed that the scam could exceed Rs 1,000 crore. The arrested individuals, directors Tania Casatova and Sarvesh Surve, along with senior executive Valentine Kumar, were remanded in police custody until January 13 by the Dadar Metropolitan Magistrate’s court.

Torres operates five stores in locations including Grant Road, Dadar, Sanpada, Mira Road, and Kalyan, with plans to open a sixth store in Kandivli. The accused reportedly launched a Ponzi scheme on February 24, 2024, enticing investors with promises of high weekly returns of 10-12%, along with bonuses for cash investments and referrals. Additional incentives, including Moissanite diamond gifts and entries into prize draws for luxury cars and flats, were offered to further lure investors, according to Nilesh Waghela, a victim from Ambivali village in Kalyan.

However, in December, payments ceased, and the scam became evident on Monday when Torres stores in Dadar and Sanpada were found shut without notice. Hundreds of investors gathered outside the stores, and some filed complaints at Shivaji Park police station, demanding a return on their investments.

Separately, Kandivli and APMC police have filed FIRs against investors who allegedly damaged property at Torres stores during protests.