Mumbai Police's Economic Offenses Wing (EOW) has revealed a major breakthrough in the ongoing investigation into the Torres Company scam. The probe has uncovered that the Ukrainian fraudsters spent approximately ₹25 crore to establish their elaborate scam operation in Mumbai.
According to a senior EOW official, the accused used this hefty sum to rent a showroom in Dadar, purchase furniture, diamonds, and other items, and make initial payments to lure victims. The source of this ₹25 crore is yet to be identified, and the three arrested suspects are being interrogated to uncover further details.
Planned Escape During Christmas
EOW officials disclosed that the masterminds, Olena Stoian and Artem Oliferchuk, along with other accused, strategically planned their escape during Christmas. The timing was chosen to evade scrutiny, as the festive period would ensure minimal questioning.
Investigation revealed that two arrested suspects, Tania Kasatova and Valentina Kumar, were also preparing to flee before their visas expired in February. However, the scam’s exposure and ensuing uproar led to their capture. During their interrogation, the names of 11 more suspects surfaced, leading EOW to issue lookout circulars (LOCs) against them.
Key Accused and Their Modus Operandi
Out of the 14 suspects identified so far, 10 are Ukrainian nationals. Apart from Tania and Valentina, the accused include Olena Stoian, Artem Oliferchuk, Viktoria Kvalko, Oleksandra Borovyk, Oleksandra Zapichenko, Oleksandra Brunkevyska, Oleksandra Tredokhib, and Yurchenko Igor. Additionally, Mustafa Karakok, a Turkish national, and three Indians—Taufiq Riyaz, Imran Javed, and Sarvesh Surve—are also implicated.
The Ukrainian fraudsters, described by EOW as "hardcore criminals," reportedly executed similar scams in other countries. In Mumbai, they forged Aadhaar cards through a man named Imtiaz, who introduced them to Taufiq Riyaz. Riyaz allegedly played a crucial role in setting up the fraudulent company.
Hawala Link and Fake Online Operations
EOW's investigation also revealed that the swindled money was transferred abroad through a single hawala operator named Alpesh, who is currently under interrogation. Alpesh admitted to facilitating transactions for Alex and Taufiq Riyaz but could not confirm the destination of the funds.
Adding to the deceit, the Ukrainian scammers are reportedly operating dummy Instagram accounts from Ukraine to mislead victims. These accounts send private messages, falsely promising a return of their money to discourage them from filing complaints.
The accused also used a fake QR code system to dupe customers. When scanned, the code redirected victims to a fraudulent website showcasing deceptive details about their purchased gold, silver, or stones, ensuring that suspicions were never raised.
Seizures and Complaints
On Monday, EOW raided the Torres showroom in Kandivali and seized assets worth ₹20 crore. This includes ₹11 crore in cash, stones worth ₹1.2 crore, and gold and silver worth ₹1.5 crore. The authorities also confiscated 10-12 laptops, which are currently under examination.
So far, EOW has received 1,916 complaints, officially documenting a ₹38 crore scam. Further investigations are ongoing to identify additional agents and recover the siphoned funds.