State governments, when drowning in debt, have no option but to tweak the excise policy on sin goods like cigarettes and liguor. Maharashtra may be no exception to the norm.

With its income sources already stretched thin, the cash-strapped Mahayuti government has decided to pop open a bottle of opportunity—appointing a five-member committee to explore liquor production and sales as a new revenue stream.

The committee, chaired by the additional secretary for the housing department, Appoints Committee to Study Liquor Policies for Revenue e Generation brings together a medley of bureaucrats: the additional chief secretaries from finance and state excise, the commissioner of state GST, and the member secretary, the state excise commissioner.

Together, they’ll be tasked with reviewing policies on liquor production, sales licenses, excise duties, and, crucially, revenue-maximizing practices adopted by other states, Expect a menu of recommendations on how to spice up state coffers. The committee’s. main course? A proposal already served up by the state excise commissioner, aimed at increasing annual income through liquor production and sales.

The plan? Crack down on illegal liquor sales and serve up more licenses for retail outlets. If this proposal is uncorked, it could boost the state’s revenue while also tidying up the department’ existing operations. ‘Why the sudden thirst for extra revenue, you ask? Blame the evergrowing list of populist promises made ahead of the state elections, which now need to be fulfilled. Take the Ladki Bahin scheme, for example—it demands a whopping Rs 46,000 crore annually.

Add to that loan waivers for farmers and covering electricity bills for agriculture pump sets, and you’ve got a recipe for fiscal trouble. To top it off, the state needs an extra Rs 600 crore to hike the Ladki Bahin disbursement from Rs 1,500 to Rs 2,100. Then there’s the debt. With loans soon expected to touch Rs 8 lakh crore, the state needs a sugar rush of revenue to keep things running smoothly. Aside from GST, Maharashtra relies heavily on VAT from petrol and diesel, stamp duties, vehicle taxes, and—of course—excise revenues. And so, the state is eyeing liquor sales as a cash cow.

But here’s the rub: the state’s current policy freezes the number of retail liquor licenses, a decision made back in 1974. With Maharashtra’s population growing and new urban areas cropping up, the demand for wine shops and country liquor outlets is higher than ever. The state excise department believes it’s high time to revisit this policy. Currently, there are 1,720 licenses for Indian Made Foreign Liquor (IMFL) and 4,346 for country liquor, not including those granted to restaurants with permit rooms. As population booms and urbanization spreads, the excise department is suggesting that the state loosen its grip on liquor licenses and let more outlets sprout up, bringing in fresh revenue while reducing the black market’s grip.

So, is the state taking the path of least resistance, or is it simply opening a new bottle of opportunity? Only time (and the committee’s recommendations) will tell—but it seems like Maharashtra is preparing to raise a glass to new ways of keeping the state’s finances in the black.

Mumbai: The Mumbai Police’s Economic Offences Wing (EOW) conducted raids at six locations as part of its investigation into the multi-crore fraud involving Torres Company. The raids targeted the company’s offices in Dadar, Lower Parel, and Opera House, along with the residences of three accused individuals in Colaba, Umerkhadi (Dongri), and Dombivli.

During the operation, the EOW seized ₹3 crore in cash from the company’s offices and the residences of the accused. The cash was counted using two specialized machines. Several crucial documents were also recovered. Confirming the action, a senior EOW official identified the arrested individuals as Tania Casatova (Uzbekistan) from Colaba, Valentina Ganesh Kumar (Russia) from Dombivli, and Sarvesh Surve from Umerkhadi.

According to EOW sources, absconding accused Mohammed Tausif Riaz, alias John Carter, has submitted a 182-page report. The report alleges that the same individuals behind the Torres fraud were also responsible for the 2019 B2B jewelry scam in Ukraine and Russia. This report, shared with other agencies, is currently under scrutiny.

The investigation revealed that foreign suspects, including Valentina Kumar, Tania Casatova, and Victoria Kovalenko, used fake identification documents to purchase Indian SIM cards, reportedly paying over ₹12,000 for each. The SIM cards were allegedly procured from Nepal. Two of these suspects have been arrested.

The EOW suspects that Torres Company operated a Ponzi scheme under the guise of a jewelry business. Evidence of tax evasion and money laundering has emerged. Arrested suspect Sarvesh Surve claimed he was a director and shareholder but denied involvement in the company’s operations. This claim is under investigation.

Fraud Scope and Online Activities:

The EOW is also examining Torres Company’s Instagram account, where misleading posts and videos continue to lure victims. The Cyber Cell is aiding in identifying the locations and individuals responsible for these activities. Three bank accounts linked to Torres Company have been frozen, with further efforts underway to seize additional assets.

Official estimates currently place the fraud at ₹23 crore. However, authorities suspect it could exceed ₹1,000 crore, given the increasing number of complaints.

Complaints and Seizures

DCP Sangramsingh Nishandar (EOW) confirmed that more than 350 complaint forms have been received so far. “Cash exceeding ₹3 crore, silver, stones, investment papers, and other valuables have been seized. Over 15 luxury cars were delivered to customers, with five more bookings still pending,” he stated, emphasizing that the investigation is ongoing.

A Look-Out Circular (LOC) has been issued against Victoria Kovalenko (38), a resident of Ukraine, and Mohammed Tausif Riyaz alias John Carter (33), a resident of Mumbai.

Mira Bhayandar: In a significant development in the Torres Jewellery Investment Scam, the Mira Bhayandar-Vasai Virar (MBVV) police have managed to freeze Rs 9.51 crore which was parked by the management of the jewellery firm in two bank accounts. While one bank account had Rs 1.77 crore, the other had a balance of Rs 7.74 crore.

“So far 76 people who have lost around Rs 1.7 crore to the evil designs of the scammers have come forward to register their complaints at the Navghar police station in Bhayandar. Funds amounting Rs 9.51 crore which were parked in two bank accounts of the firm have been freezed.” informed DCP (Zone I)- Prakash Gaikwad who has appealed to other investors to come forward and register their complaints.

According to the FIR registered at the Navghar police station four people including – Sarvesh Ashok Surve, Victoria Kowalenko, Olena Stoen (both Ukrainian Nationals) and Imran Javed have been booked under the relevant sections of the Bharatiya Nyay Sanhita (BNS) and provisions of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999.

However, former CEO of the firm Tausif Riyaz has claimed that he and Surve were actually the whistle-blowers who reportedly flagged the suspected fraud to relevant agencies and also sent a letter to the prime minister. The scam is expected to run into 1,000 crore.

The firm- Torres which boasted of being one of the largest jewellery houses in India was headquartered in Dadar having a chain of grand showrooms housed in rented spaces in areas including- Grant Road, Navi-Mumbai, Kalyan and Mira Road.

To the shock of investors in Mira Road, the establishment which was operational till Sunday (5, January) never opened on Monday. People thronged the showroom in Mira Road after learning that they had been scammed. All other branches and the headquarters in Dadar had simultaneously closed down, leaving the investors in lurch.

As per their modus-operandi, the scamsters lured investors by floating a fake scheme envisaging purchase of moissanite stones and gems with an assured 11 percent weekly cashback on the purchase value for the next one year (52 weeks).

A person investing Rs 1 lakh was assured Rs 11,000 a weekly cash back for next 52 weeks which translated into a whopping 400 percent profit amounting Rs 5.72 lakh in a year.