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Mumbai’s Torres Jewellers Accused Of ₹13.48 Crore Fraud; Company Alleges Theft By CEO And CA

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Mumbai: A major financial scam involving Torres Jewellers has come to light, with the Shivaji Park police registering an FIR against the company’s directors and CEO for allegedly defrauding investors of over ₹13.48 crore. Investors gathered outside the company’s office in Dadar, demanding the return of their principal amounts after promised investment returns ceased.

The Shivaji Park Police have registered an FIR under Sections 318(4), 316(5), and 61 of the Bharatiya Nyaya Sanhita (BNS), along with Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (MPID) Act, 2023. The accused include Platinum Hern Pvt. Ltd., which operates the Torres Jewellers brand, its directors Sarvesh Ashok Surve and Victoria Kovalenko, CEO Taufik Riaz alias John Carter, General Manager Tania Casatova, and Store In-Charge Valentina Kumar. No arrests have been made yet, according to the police, and the Economic Offences Wing (EOW) will take over the investigation.

Timeline of the Fraud

The complainant, Pradeep Kumar Mamraj Vaishya (31), a vegetable vendor residing at Mahatma Phule Nagar, Nariman Point, reported the alleged fraud, which occurred between June 21, 2024, and December 30, 2024.

Platinum Hern Pvt. Ltd. lured investors by promising lucrative returns on investments through the sale of Moissanite stones, offering a weekly return of 6% on invested amounts. Initially, the company delivered returns to gain trust, but all payments, including principal repayments, ceased on December 30, 2024.

At least seven investors, including the complainant, have filed complaints, resulting in the FIR. The accused face charges of breach of trust and misappropriation of funds. Preliminary investigations indicate the company owner is abroad, and authorities are exploring further links, including potential accomplices and the suppliers of fraudulent schemes.

Torres Jewellers’ Counter-Claims

In an unexpected twist, Torres Jewellers released a statement on its official website accusing its CEO, Taufik Riaz, and Chartered Accountant Abhishek Gupta of theft and vandalism. The company claims the duo orchestrated a burglary at one of its jewellery shops.

The website features CCTV footage purportedly showing the two individuals stealing valuables and vandalizing the premises. Accompanying the footage are images of the accused, which the company alleges confirm their involvement in the theft. Torres Jewellers claims this incident is part of a larger conspiracy.

Maharashtra

Maha govt excludes 5 lakh ineligible women beneficiaries from Ladki Bahin scheme

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Mumbai, Feb 7: In a significant development, the Maharashtra government has excluded a record five lakh women beneficiaries from the flagship Ladki Bahin Yojana after a verification exercise revealed a long list of ineligible individuals.

“Five lakh ineligible women have been excluded from the Ladki Bahin Yojana as per the government decision. The beneficiaries who were declared ineligible include women beneficiaries of Sanjay Gandhi Niradhar Yojana – 2,30,000; women above 65 years of age – 1,10,000 and women who are beneficiaries of Namoshakti Yojana and have four-wheelers in the name of family members but voluntarily withdrew their names from the scheme – 1,60,000,” Maharashtra Women and Child Development Minister Aditi Tatkare said.

Tatkare, however, clarified that the state government is committed to providing the benefits of the Ladki Bahin Yojana to all eligible women.

Under the Ladki Bahin Yojana, which was launched in July last year ahead of Assembly elections, the government has provided monthly aid of Rs 1,500 each from July to January to about 2.46 crore eligible women beneficiaries.

The government is planning to give the installment for February soon.

The Maharashtra government’s move to drop five lakh women from the Ladki Bahin Yojana comes in the wake of a verification exercise launched after it received complaints about bogus beneficiaries of the Ladki Bahin Yojana.

The government had sought information from the Income Tax Department and Transport Department for the verification of beneficiaries.

Aditi Tatkare clarified that the government would only address complaints regarding the bogus beneficiaries.

She said that the trigger for launching the verification process was complaints about potential bogus beneficiaries of the scheme. She added that about 4,500 women have applied to opt out of the scheme following these concerns.

Earlier, the minister of industry and Marathi language Uday Samant said that the state government will not close the implementation of a flagship Ladki Bahin Yojana but reiterated that the verification of eligible beneficiaries will continue. He added that some beneficiaries during the verification process will become ineligible due to age, the possession of vehicle and excess income.

“Those who are above 65 years of age and those who have a four-wheeler are not eligible for this scheme. Also, if such women have joined the scheme inadvertently or by mistake, they are being excluded,” he said.

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Maharashtra

‘We don’t laugh at the same joke again and again’: Fadnavis takes dig at Rahul Gandhi

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Nagpur, Feb 7: Maharashtra Chief Minister Devendra Fadnavis on Friday hit back at Congress MP and Leader of the Opposition in the Lok Sabha, Rahul Gandhi, after he raised concerns over the rise in voter numbers during the Maharashtra Assembly elections.

Taking a swipe at Gandhi, Fadnavis said, “Rahul Gandhi is firing cannonballs in anticipation of his party’s defeat in the Delhi elections. After the Delhi results, Congress will be wiped out. He is simply practicing how to spin a new narrative. But we don’t laugh at the same joke over and over again.”

Dismissing Gandhi’s concerns over voter numbers, Fadnavis added, “The Election Commission has already provided all answers regarding voter lists — where names were added, where they were deleted — so there’s no need for further clarification. Rahul Gandhi knows the Delhi results will be a disaster for Congress, so he’s preparing his script in advance.”

He further criticised the Congress leader, saying, “As long as Rahul Gandhi keeps avoiding real introspection and instead focuses on misleading statements, there is no possibility of a Congress revival.”

Fadnavis’ remarks came after Rahul Gandhi, joined by Shiv Sena (UBT) MP Sanjay Raut and NCP (SP) MP Supriya Sule, at a press conference in Delhi on Friday questioned the Election Commission of India (ECI) on how 9.7 crore votes were cast when Maharashtra’s adult population stands at 9.4 crore. Gandhi clarified that the opposition was not making accusations but was merely demanding transparency in the voters’ list.

However, his comments drew sharp criticism from the ruling BJP and its allies.

Shiv Sena Parliamentary Party chief Shrikant Shinde demanded a public apology from Rahul Gandhi, stating, “He must apologize not just to Maharashtra but to the entire nation for his reckless remarks. He should accept the will of the voters with humility instead of habitually trying to discredit India’s electoral integrity for short-term political gains.”

Shinde further asserted, “Maharashtra witnessed its highest voter turnout in 30 years, a testament to the strength of our democracy. Full credit goes to the Election Commission and Maharashtra’s Chief Electoral Officer for ensuring a free and fair election.”

Mumbai BJP chief and state IT Minister Ashish Shelar accused Rahul Gandhi of indulging in “public melodrama” instead of reflecting on Congress’ defeat. “Rahul Gandhi and the Congress are still reeling from Maharashtra’s rejection,” he said.

Maharashtra BJP president and state Revenue Minister Chandrashekhar Bawankule expressed similar sentiments, stating, “The Congress and its allies have not recovered from the shock of their crushing defeat. Instead of accepting the people’s verdict, they are casting doubt on voter turnout. The Election Commission has repeatedly clarified the increase in voters, yet they continue to make misleading allegations, undermining democracy.”

Bawankule also linked Gandhi’s remarks to the upcoming Delhi Assembly election results, saying, “As the inevitable defeat looms, he is trying to shift focus to Maharashtra’s election process. This is nothing but desperation.”

Taking a further jab, he remarked, “Supriya Sule, who sat next to him at the press conference, had previously said, ‘I won on this EVM.’ But Rahul Gandhi, who thrives on political stunts, refuses to acknowledge the truth. Rahulji, believe in democracy — stop defaming it with baseless allegations. The people have already seen through your lies.”

NCP chief spokesperson Anand Paranjape also dismissed Gandhi’s claims, attributing them to Congress’ fear of an impending defeat in Delhi.

“Since the Census has not been conducted yet, some discrepancies between the population and voter lists are expected. Moreover, the increase in voter numbers between Lok Sabha and Assembly elections is natural, as all parties push for new voter registrations. The Election Commission has also increased the number of polling stations, which further explains the rise in voter turnout,” he explained.

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Maharashtra

Maharashtra: Former Congress MLC Subhash Zambad Held For Embezzling ₹97.4 Crore From Ajanta Urban Cooperative Bank In Chhatrapati Sambhajinagar

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Chhatrapati Sambhajinagar: A former Congress MLC was arrested here on Friday for allegedly misappropriating funds of Rs 97.4 crore from a cooperative bank, police said.

A court here has remanded Subhash Zambad, a former member of the legislative council (MLC), in police custody till February 12, an official from the Economic Offences Wing (EOW) said.

He said that Zambad, the former chairman of Ajanta Urban Cooperative Bank, was booked in two cases for allegedly misappropriating funds of Rs 97.4 crore between 2006 and 2023.

“The initial amount misappropriated was Rs 97.41 crore. It has come down to Rs 67 crore after reconciliation. We arrested him from his residence in the CIDCO area and produced him in court. He has been sent to the police custody till February 12,” the official said.

He said the cases against Zambad were registered in October 2023, and the accused later approached the Supreme Court for anticipatory bail, which was rejected.

The accused had been absconding for nearly 15 months, the official said.

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