Torres jewellers Ponzi scheme has brought to light a significant financial scandal involving two Ukrainian nationals and several company executives in Mumbai. The scam, allegedly masterminded by Artem and Olena Stoin, has defrauded over 1,500 investors, accumulating a staggering Rs 22 crore. This high-profile fraud, tied to the Torres Jewellers brand operated by Platinum Hern Pvt. Ltd., is under the scrutiny of the Economic Offences Wing (EOW).
Accused Key Figures and Allegations
The FIR identifies multiple accused, including Artem and Olena Stoin, who are believed to have fled India. The company’s directors, Sarvesh Ashok Surve and Victoria Kovalenko, along with CEO Tausif Riaz (alias John Carter), general manager Tania Kasatova, and store in-charge Valentina Kumar, are also named in the case. The scheme reportedly enticed investors by offering 6% weekly returns on moissanite stone investments, creating an illusion of high profitability.
Pradeep Kumar Mamraj Vaishya, a vegetable vendor from Nariman Point, filed a complaint detailing how the company ceased returns by December 30, 2024. Between June 21 and December 2024, Platinum Hern Pvt. Ltd. allegedly gained investors’ trust by initially delivering on their promises, only to halt payments, leading to over 1,535 complaints.
Look-Out Circular To Be Issued
The EOW is in the process of issuing a Look-Out Circular (LOC) against Artem and Olena Stoin to prevent their international travel. Meanwhile, the investigation has expanded to uncover possible connections with accomplices and suppliers aiding in the fraudulent operations. Initial reports suggest that the primary accused may have orchestrated the scam from abroad.
Investor Protests And Legal Developments
The Torres Jewellers office in Dadar has become a hotspot for investor protests. Aggrieved depositors demand the return of their investments, adding to the pressure on law enforcement to expedite investigations. Police have registered charges, including cheating, criminal conspiracy, and breach of trust, further intensifying the legal proceedings.
Company’s Allegations Against Executives
Interestingly, Torres Jewellers has shifted some of the blame onto its own CEO, Tausif Riaz, and chartered accountant Abhishek Gupta, accusing them of theft and vandalism. The company released CCTV footage allegedly showing these individuals stealing valuables from one of its jewellery stores. This internal dispute adds another layer of complexity to the ongoing case.
A Growing Trend Of Ponzi Scams
This case highlights the increasing prevalence of Ponzi schemes in India, particularly those targeting middle-class and lower-income investors. These fraudulent operations often lure victims with the promise of extraordinary returns, exploiting trust before abruptly collapsing.
With Rs 22 crore already lost, the Torres Jewellers Ponzi Scheme underscores the urgent need for stricter regulatory oversight and investor awareness. The EOW’s investigation continues, with hopes of justice for the hundreds of victims left in financial distress.