After taking over the probe into the Torres investment scam, the Mumbai Police Economic Offences Wing (EOW) has uncovered startling details. The investigation revealed that the company’s office in Dadar, Mumbai, was leased for a whopping ₹25 lakh per month. The EOW has seized assets worth Rs 9 crore from its Dadar office and so far a total of 1,100 complainants have approached the police, who have been defrauded to the tune of Rs 24 crore.
According to EOW officials, the accused were aided by a fugitive named Tausif Riaz, alias John Carter, in setting up the company in Dadar. Tausif helped secure the office space, provided local insights, and, in return, was rewarded with the position of CEO in February 2024 after the company’s launch.
Interestingly, Tausif, a resident of Virar, is a 10th-grade dropout who previously worked as an Aadhaar card agent. He facilitated the lease of a 11,500-square-foot office for Torres in Dadar. As CEO, he was paid a salary of ₹46,000 per month.
The EOW has exposed a sophisticated modus operandi behind the multi-crore scam. An official disclosed that the fraud was masterminded by individuals from Ukraine, who devised a scheme to offer high returns on investments in mosaic stones. Acting on intelligence, EOW raided a Mumbai hotel last night, seizing crucial documents. This hotel was reportedly the accommodation for Olena, the primary Ukrainian orchestrator, during her visits to Mumbai.
The EOW’s raid, which lasted over two-and-a-half days, resulted in the confiscation of assets worth ₹9 crore. This included ₹5 crore in cash, along with gold, silver, and stones. Additionally, the EOW froze three bank accounts linked to the scam, registered under Torres Platinum Company, Remimittier, and another unidentified firm.
The agency is also preparing to summon stone traders from Jaipur and SEEPZ (Special Economic Zone) for questioning, as these traders were reportedly involved in supplying stones to the accused.
So far, the EOW has received complaints from over 1,100 victims, with the official fraud amount estimated at ₹24 crore. The investigation is ongoing, with further developments expected as more leads are pursued.