At the start of the new year, a significant case of fraud targeting citizens of Mumbai and Navi Mumbai has come to light. People were lured into investing with the promise of a 44% monthly return through Torres Jewelry. Preliminary information suggests that approximately 1.5 lakh citizens have invested in the scheme, with an estimated scam value of Rs 1,000 crore.
According to the ABP Majha report, Tausif Riaz, who is absconding in the case, reportedly submitted a report to the investigating agencies. The report includes a letter from Sarvesh Surve, a director of Platinum Hern Private Limited. According to the report and the letter, gold and silver were illegally brought into India, and a bogus loan transaction worth Rs 13.76 crore was fabricated. Additionally, the scheme promised exceptionally high returns as part of a Ponzi operation.
Sarvesh Surve, who joined Platinum Hern Private Limited as a director, claimed he was told the company would operate in India's retail jewellery sector. He became a director and shareholder under the assurance of being provided a foreign visa and employment opportunities.
The company launched a jewellery showroom under the Torres brand in Mumbai’s Dadar area. According to Surve, despite being a director, he was not involved in the operations of any other showroom. He alleged that the company began accepting money from people, promising high bonuses, cashback, and returns ranging from 200% to 600%. Instead of jewellery, customers were given low-quality moissanite stones.
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Surve further alleged that the company orchestrated a bogus loan transaction worth Rs 13.76 crore, facilitated by an individual named Lallan Singh. The money was allegedly transferred to India from abroad through a system known as USTD.
Surve also claimed the company illegally imported 75 kg of gold and 25 kg of silver from Turkey. He stated that the gold was delivered to a juice shop in the Kalbadevi area of Mumbai and provided evidence, including photographs of the smuggled gold.
On December 27, Surve was allegedly called to the company's office in Lower Parel and pressured to sign documents. When he refused to sign a loan agreement, he was reportedly threatened and assaulted.
Tausif Riaz, one of the main accused, claimed that the Torres scam mirrors similar fraudulent financial schemes in Ukraine and Turkey. He compared it to the B2B jewellery scam that occurred 4–5 years ago, defrauding investors of $250 million in Ukraine, Russia, and Kazakhstan. The B2B scam reportedly affected nearly 6 lakh investors.
Meanwhile, the Shivaji Park police have arrested three individuals, including two foreign nationals. Those arrested are Sarvesh Surve, Tania Kasatova, and Valentina Kumari. The investigation is ongoing, with authorities working to uncover further details of the fraudulent operation.