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Launched in February 2024, Torres Jewellery lured investors with promises of lucrative weekly interest rates ranging from 6% to 20%. It offered enticing rewards, including flats in the Mumbai Metropolitan Region, luxury cars, iPhones, and precious gems. The schemes also encouraged participants to bring in additional investors and customers, creating a multi-level marketing (MLM) structure intertwined with Ponzi-like operations.
By December 2024, the schemes began to unravel. Interest payments stopped, and many investors discovered that the gems they received as rewards were counterfeit. The police have since arrested three individuals linked to the scam: Sarvesh Surve, one of the directors of Platinum Hern (Torres’ parent company); Valentina Kumar, a Russian-origin regional manager; and Tania Kasatova, an Uzbek national who was in charge of the stores.
“It’s a combination of MLM and Ponzi schemes,” said DCP Sangram Nishandar of the Economic Offence Wing, Mumbai Police. “The accused provided investors with cards lacking details about the gems and stones. They also promised flats through lucky draws.” He added that the accused have been charged under the Maharashtra Protection of Interest of Depositors (MPID) Act.
A lookout notice has been issued for 11 more suspects, including Viktoriia Kovalenko, a Ukrainian national and second director of Platinum Hern. Investigators suspect the group planned to expand its fraudulent schemes to Sri Lanka and Nepal.
The Enforcement Directorate (ED) has also launched a probe into allegations that the money swindled from investors was laundered and sent abroad. Initial estimates pegged the scam at ₹57 crore, but with victims continuing to come forward, authorities believe the figure could soar into the hundreds of crores.
Shockingly, many of the victims belong to lower-middle and lower-income groups, including vegetable vendors and tea sellers.
