A massive investment fraud by Torres Jewelry, a foreign-based company, has left over 1.25 lakh investors defrauded of ₹1,000 crore. The scheme, which lured participants with promises of high returns on jewelry and diamond investments, collapsed abruptly, leading to a widespread outcry. The Economic Offenses Wing (EOW) has taken over the investigation and registered an FIR under the Maharashtra Protection of Depositors Act and various sections of the Indian Penal Code.
The Scam Unfolds
Torres Jewelry, which launched its operations in Mumbai in February 2024, operated through a flagship showroom in Dadar and branches in Navi Mumbai, Kalyan, Borivali, and Mira Road. The company offered an enticing scheme: investors would purchase jewelry or moissanite diamonds and receive official receipts, along with a digital account and unique customer ID. A weekly return of 6% was promised, amounting to three times the initial investment over 52 weeks.
The directors behind this venture, Ukrainian nationals John Carter and Victoria Kowalenko, allegedly masterminded the operation but fled the country as the scheme unraveled. Three individuals—Sarvesh Ashok Surve, Tanya Casatova, and Valentina Kumar—have been arrested in connection with the scam. Lookout Circulars (LOCs) have been issued for Carter and Kowalenko.
A Web of Deception
Sarvesh Surve, a local resident with no prior business experience, was made the director of the company, serving as the Indian face of the operation. His digital signatures were used for all official documents, but the company’s actual control remained with Carter and Kowalenko.
Other key players included Uzbek national Tanya Casatova, who managed store operations, and Russian citizen Valentina Kumar, who handled retail activities. Kumar, married to an Indian, played a significant role in expanding the company’s reach.
According to police, Surve was unaware of the larger conspiracy, making him an easy scapegoat. Meanwhile, Carter and Kowalenko controlled the operations from abroad, ensuring a veil of legitimacy until the scheme collapsed.
Collapse and Aftermath
Payments to investors stopped in December 2024, with the company citing technical issues. On January 1, 2025, Torres Jewelry abruptly shut down all its showrooms, leaving investors in the lurch.
When furious investors gathered outside the Dadar office on January 6, Tanya and Valentina were detained by Shivaji Park police. Surve was also arrested. Preliminary investigations reveal that over 1.25 lakh investors were defrauded, based on the highest customer ID numbers issued. The total fraud amount is estimated to exceed ₹1,000 crore.
Authorities Take Action
Police stations in Shivaji Park, APMC (Navi Mumbai), and Mira Road have seen long queues of defrauded investors filing complaints. Many FIRs were registered within two days. The EOW has urged victims to lodge complaints to build a stronger case against the perpetrators.
Authorities are coordinating with international agencies to track down Carter and Kowalenko. Meanwhile, investigators continue to unravel the details of one of India’s largest investment frauds in recent years.
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