Mumbai: A massive investment scam by the foreign-based Torres Jewelry company has left over 1.25 lakh investors defrauded of ₹1,000 crore. The company, which promised high returns on jewelry and diamond investments, has collapsed, with its directors shifting the blame to Indian executives. The Economic Offenses Wing (EOW) has taken over the investigation, and an FIR under the Maharashtra Protection of Depositors Act and various BNS sections has been registered.

Three individuals—Sarvesh Ashok Surve, Tanya Casatova, and Valentina Kumar—have been arrested, while the alleged masterminds, Ukrainian nationals John Carter and Victoria Kowalenko, fled the country. Lookout Circulars (LOCs) have been issued for their arrest. Torres Company launched operations in Mumbai in February 2024, opening a flagship showroom in Dadar and branches in Navi Mumbai, Kalyan, Borivali, and Mira Road. The company offered an alluring investment plan.

Investors purchased jewelry or moissanite diamonds and received official receipts. A digital account and unique customer ID were created for each investor. A weekly return of 6% was promised, amounting to triple the investment value over 52 weeks.

Sarvesh Surve, a local resident with no prior business credentials, was appointed as the director to provide a local face to the foreign venture. Surve’s digital signatures were used for all official documents, while John Carter and Victoria Kowalenko controlled operations from the shadows. Tanya Casatova, an Uzbek national, managed stores, and Valentina Kumar, a Russian citizen married to an Indian, oversaw retail operations.

Police sources revealed that Surve was unaware of the larger conspiracy, making him a convenient scapegoat. Before fulfilling the promised 52-week term, Torres stopped payments in December 2024, citing technical issues. On January 1, 2025, the company abruptly shut down its showrooms.

When irate investors gathered outside the Dadar office on January 6, Tanya and Valentina were confronted and detained by Shivaji Park police. Surve was also arrested. Preliminary investigations estimate that over 1.25 lakh investors were defrauded, based on the highest customer ID numbers issued. The total fraud amount could exceed ₹1,000 crore. Police stations in Shivaji Park, APMC (Navi Mumbai), and Mira Road witnessed long queues of investors filing complaints, with many FIRs registered in just two days.

Authorities are now coordinating with international agencies to apprehend Carter and Kowalenko. Meanwhile, the EOW has urged investors to file complaints to strengthen the case.

Mumbai, Jan 7: The Maharashtra Cabinet, chaired by Chief Minister Devendra Fadnavis, has decided to make toll payments through FASTag mandatory at all toll plazas across the state starting April 1, 2025. Vehicle users will be required to use FASTag exclusively for toll payments.

Light motor vehicles, two-wheelers, and three-wheelers are already exempted from toll payments at Mumbai’s five entry points. However, the new decision will apply to toll plazas located on state highways and roads developed by the Maharashtra State Road Development Corporation (MSRDC).

The Cabinet emphasized that toll payments via FASTag will enhance consistency and transparency in toll collection. It is expected to reduce vehicle delays at toll gates, saving both time and fuel.

As per the government statement, vehicles entering FASTag lanes without an active FASTag or attempting to pay through other means will be charged double the toll amount.

Currently, toll collection is in place on 13 road projects under the Public Works Department and nine under the MSRDC. The new rule will apply to these projects as well as any future toll-collection initiatives.

In another key decision, the Cabinet approved amendments to the Public Private Partnership (PPP) Policy of 2014 to streamline administrative processes. The revised policy aims to make governance more efficient and dynamic.

The Cabinet also approved the publication of updated Maharashtra Government Rules of Procedure, marking the third revision since their inception in 1975. These updates, to be published in the Government Gazette upon the Governor’s approval, are designed to enhance administrative transparency, efficiency, and public orientation.

The revised Rules of Procedure consist of 48 rules, 4 schedules, and 1 annexure, divided into nine parts.

The First Schedule contains the names of the administrative departments of the Ministry. The Second Schedule contains matters to be presented before the Cabinet. The Third Schedule is about matters requiring the Chief Minister’s approval and the Fourth Schedule contains matters requiring the Governor’s approval.

The annexure outlines the procedures for the Council of Ministers and Cabinet, as well as simplified protocols for introducing bills. Provisions have also been made to delegate government orders to the level of Under Secretary.

The updates include newly added tasks for the Planning Department and relaxation in procedural formalities to expedite governance.

A study group of departmental secretaries, formed for periodic rule revisions, conducted a comparative analysis of practices in other states and the Government of India to recommend these amendments.

The Maharashtra government anticipates that these decisions will foster a more transparent and citizen-centric administration while ensuring efficiency in toll collection and governance.

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.