The Enforcement Directorate (ED) launched a significant crackdown on the Torres Jewellery fraud case on Thursday, conducting raids at ten locations across Mumbai and Jaipur. This action follows a complaint filed by the Mumbai Police, leading to an investigation into suspected money laundering activities behind the scam. The fraud has affected over 100,000 investors in the Mumbai area, who were duped of more than Rs 1,000 crore after being lured into Torres investment schemes that promised lucrative returns.
In connection with the investigation, Interpol issued Blue Corner notices against eight foreign nationals, including seven Ukrainians and one Turkish national, believed to be central figures in the fraud. A Blue Corner notice requests Interpol member countries to gather information about the individuals involved, including their identities, whereabouts, or activities, to aid in the criminal investigation. Following the filing of a charge sheet, Red Corner notices may be issued for arrest.
The Blue Corner notices were secured with assistance from the Central Bureau of Investigation (CBI) and have been issued against key individuals such as Olena Stoian, director of Platinum Hern Private Limited—the company behind Torres Jewellery; Viktoriia Kovalenko; Mustafa Karakoc, the sole Turkish national; and Ukrainians Oleksandr Borovyk, Oleksandr Zapichenko, Oleksandra Brunkivska, Oleksandra Tredokhib, Artem Oliferchuk, and Lurchenko Igor. The company operated six stores in the Mumbai Metropolitan Region, with its flagship located in Dadar, Mumbai.
Several key suspects have already been arrested, including the company's general manager, Taniya Xasatova (also known as Tazagul Karaxanova Xasatova), a citizen of Uzbekistan; Sarvesh Surve, a director; Valentina Ganesh Kumar, a Russian-origin store manager; and Alpesh Khara, suspected to be a hawala operator. Torres Jewellery began operations in Mumbai in February 2024 and saw a significant influx of funds during the Christmas season, attracting investors with promises of weekly returns as high as 11 percent.