Mumbai Police's Economic Offenses Wing (EOW) has made significant revelations while investigating the multi-crore scam carried out by the Torres Company. According to the EOW, the accused used moissanite stones to deceive people. These stones, sourced from Jaipur and SEEPZ, cost around ₹300 each but were sold to unsuspecting buyers for ₹40,000 to ₹50,000. So far, the EOW has seized 2,000 such stones.
The primary masterminds of this scam have been identified as Oleana Stoin and Viktoria Kovalenko, both Ukrainian nationals. Reports suggest they fled India to Ukraine in the last week of December.
On Friday, the EOW conducted fresh raids at four locations in Mumbai as part of their ongoing investigation. Over the past two days, raids have led to the recovery of ₹5 crore in cash, including ₹77 lakh seized from the residence of an accused, Tania Kasatova, in Colaba. Additionally, several investment-related documents and electronic devices were confiscated.
The EOW has received complaints from 400 victims so far, with the estimated fraud amount reaching ₹25 crore. Among the accused, one key individual, Tausif Riaz, reportedly hasn’t even completed his 10th-grade education, while another arrested suspect, Suresh Surve, previously worked as an Aadhaar card agent.
Three bank accounts linked to the scam have been frozen, and the EOW has sought additional account details from financial institutions.
Mumbai Police's handling of the case has come under scrutiny, with reports suggesting that the Shivaji Park police were aware of the Torres Ponzi scam six months ago but failed to act. Following this revelation, the investigation has been intensified and is now led by an ACP-level officer.
Authorities are working to unravel the full extent of the scam and bring the culprits to justice.