Business
Mumbai: Social Activist Demands Action Against Police Officers For Negligence In Torres Multi-Crore Scam Investigation

Mumbai: In a serious development concerning Torres massive financial fraud case, a Social Activist Shashikant Kawale has called for action against police officers who allegedly neglected their duty despite receiving prior warnings about fraudulent activities.
Social Activist Shashikant Kawale wrote a letter addressed to senior law enforcement authorities, including the Commissioners of Mumbai and Navi Mumbai Police, the Maharashtra Cyber Crime Department, the Economic Offences Wing, and the Enforcement Directorate, has raised serious questions about the delay in action against fraudulent companies operating in Mumbai and surrounding areas. The letter highlights gross negligence by responsible officers despite early warnings regarding Torres Scam.
Whistle Blower Flags Concerns
The Whistle blower Shashikant Kawale had previously flagged concerns, urging the authorities to investigate the legality of these companies’ operations, government-issued licenses, mandates, board of directors, and operational documents. Specifically, the letter called for a detailed probe into the working methods and financial inflows/outflows of the company, Records of investors and agents involved and The suspiciously high monthly returns promised by the Torres Company.
About The Allegations
The letter alleges that had an inquiry been launched promptly, it would have prevented many investors from falling prey to false promises, sparing them from financial devastation. Despite explicit warnings that the companies were preparing to flee after defrauding investors, no significant action was taken.
The Social Activist Kawale has demanded an inquiry into officers who failed to act on the provided information, urging that those found guilty be held accountable under applicable regulations. The letter further appeals for systemic reforms to prevent the recurrence of such incidents.A social activist from Dharavi, Shashikant Kavale, first raised red flags in November last year and approached the Shivaji Park police and EOW, highlighting Torres’ dubious practices.
Business
Torres Jewellery Ponzi Scam: Accused Armen Ataine Booked For Forged Birth Certificate In Mumbai

Mumbai: In a shocking development in the multi-crore Torres scam, the Bhoiwada Police have registered a case against accused Armen Ataine (48) for illegally obtaining a fake birth certificate from the BMC’s F-South Ward. Along with Armen, two unidentified individuals who assisted him in acquiring the fraudulent document have also been booked under sections 120B, 34, 420, 465, 467, 468, 471, and 474 of the Indian Penal Code.
During the investigation, the Bhoiwada Police discovered that Armen’s father, Garun Ataine, had lived in Lalbaug’s Jam Building between 1975 and 1978. Armen allegedly used this information to fraudulently secure an Indian birth certificate.
The Torres scam came to light in January, and the Economic Offences Wing (EOW) is currently handling the case. So far, six accused have been arrested, including Armen, who was apprehended a few days ago from Madh Road in Malad. Currently in judicial custody, Armen is expected to be handed over to the Bhoiwada Police for further investigation into the forged birth certificate case.
According to EOW findings, Armen obtained a fake birth certificate from the BMC’s F-South Ward to acquire an Indian passport. Since this ward falls under the jurisdiction of the Bhoiwada Police Station, the EOW requested them to file a case. Following an inquiry, the Bhoiwada Police registered an FIR against Armen and two others late last night.
Further investigations revealed that Armen used an address from the fake birth certificate to claim Indian nationality. The Bhoiwada Police visited Jam Building No. 2, Room No. 22 in Lalbaug, where they spoke to society chairman Mahesh Hendra and other members. They confirmed that Garun Ataine and his family lived there between 1975 and 1978 before moving out.
Armen, who has acted in minor roles in Bollywood films, holds a Ukrainian passport. However, he allegedly sought an Indian passport using the fraudulent birth certificate, which stated that he was born in 1976 in Mumbai. Investigations are ongoing.
Business
FM has given very clear picture of Indian economy, reforms: PM Modi

New Delhi, Feb 15: Union Finance Minister Nirmala Sitharaman, while responding to the debate on the Union Budget 2025-26 in the Parliament this week, has given a very clear picture of the Indian economy and ongoing reforms, Prime Minister Narendra Modi said on Saturday.
“During her remarks in Parliament, Finance Minister @nsitharaman has given a very clear picture of the Indian economy and the reform trajectory we are undertaking,” PM Modi posted on social media platform X.
During the Budget debate in the Lok Sabha, the Union Finance Minister said the Indian economy will continue to be the world’s fastest-growing economy backed by the increase in the government’s capital expenditure in the Budget for 2025-26 and rising consumption levels, especially in the rural areas.
The Finance Minister said that the effective capital expenditure works out to 4.3 per cent of the GDP in the Budget for 2025-26 while the fiscal deficit is 4.4 per cent.
She further cited figures from the Budget to show that the capex allocation in the budget has increased to Rs 1.21 lakh crore, dismissing the opposition’s claim that the outlay has been reduced.
According to her, inflation management is the highest priority of this government and overall retail inflation is within the notified tolerance band of 2 per cent to 6 per cent.
During the Budget debate in the Rajya Sabha, FM Sitharaman said that the Budget for FY26 was prepared during a challenging time, with serious external challenges beyond estimates or forecasts.
“For decades, we have been talking about globalisation. Now we are facing the issue of fragmentation in the world. Everybody wants to have a free market but there are increasing tariff barriers. The world is growing through a major change,” said Finance Minister.
She further stated that there are no models that you can build and understand how the trends will be because they are very dynamic.
“Despite that, we have tried keeping the assessments as close as possible, keeping India’s interests as topmost. This immense uncertainty is still playing out and many Indian imports which are very critical for our economy to grow are also going to be left with uncertainty,” she mentioned.
The Budget has not reduced sectoral allocations and the effective capital expenditure during the next fiscal is estimated at Rs 19.08 lakh crore, according to FM Sitharaman.
She also introduced the new Income Tax Bill, 2025, in the Lok Sabha this week, as part of the tax reforms to streamline and simplify the provisions so that they are easier to understand and reduce the scope for legal disputes.
Business
KTM 390 Duke Price Cut: Now Available at Rs 2.95 Lakh, Rs 18,000 Cheaper

KTM has announced a price reduction for its flagship streetfighter, the Gen-3 KTM 390 Duke, making it more accessible to motorcycle enthusiasts. The bike is now available at Rs 2.95 lakh (ex-showroom), reflecting a price cut of Rs 18,000 from its earlier Rs 3.13 lakh tag. Powered by a 399cc LC4c engine, the latest-generation Duke delivers 46 PS of power and 39 Nm of torque.
The KTM 390 Duke has long been a favorite among thrill-seekers, known for its bold design and sharp handling. The latest Gen-3 version takes performance a step further with a lighter chassis, improved agility, and better traction control. Equipped with advanced rider aids like multiple ride modes, launch control, and cornering ABS, it offers a refined yet exhilarating riding experience.
KTM 390 Duke is built for precision and control, especially on sharp turns. The latest Gen-3 model comes packed with advanced technology, including Supermoto ABS and Cornering ABS for enhanced braking performance. Riders can switch between Street and Rain ride modes with Motorcycle Traction Control (MTC) to adapt to different road conditions. Features like launch control, Quickshifter+, and a dedicated Track Screen further elevate its performance, while the powerful 399cc engine delivers 46 PS and 39 Nm of torque, making it a true powerhouse on the streets.
Recently, KTM introduced the 2025 Adventure range in India, featuring three new models designed for adventure enthusiasts. The lineup includes the KTM 390 Adventure, 390 Adventure X, and 250 Adventure, offering a balance of highway comfort and off-road capability. With advanced features and rugged performance, these motorcycles cater to riders seeking versatility and power. The ex-showroom Delhi prices are set at Rs 3,67,999 for the 390 Adventure, Rs 2,91,140 for the 390 Adventure X, and Rs 2,59,850 for the 250 Adventure, making them accessible to a wide range of riders.
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