Connect with us
Thursday,23-October-2025
Breaking News

Business

Torres Company Scam: ₹1000 Crore Fraud, 1.25 Lakh Investors Duped, Three Arrested, Kingpins Flee To Ukraine, Case Transferred To EOW

Published

on

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.

Business

Colgate-Palmolive India’s Q2 profit falls 17 pc, revenue slips over 6 pc

Published

on

Mumbai, Oct 23: Colgate-Palmolive (India) Limited on Thursday reported a 17 per cent drop in its net profit for the second quarter of the current financial year (Q2 FY26).

The company’s profit stood at Rs 327.50 crore for the quarter ended September 2025, compared to Rs 395.05 crore in the same period last financial year (Q2 FY25), according to its stock exchange filing.

Revenue also fell 6.15 per cent year-on-year (YoY) to Rs 1,519.50 crore, down from Rs 1,619.11 crore in the previous fiscal.

Operating income or EBITDA declined 6 per cent to Rs 465.43 crore, while the EBITDA margin was almost unchanged at 30.6 per cent, compared to 30.7 per cent last financial year.

Prabha Narasimhan, Managing Director and CEO of Colgate-Palmolive India, said the quarter’s performance reflected a temporary impact from disruptions among distributors and retailers due to the GST rate revision.

She added that the company has worked with its partners to ensure consumers benefit from the lower prices that took effect after the tax change.

“Despite the short-term challenges, we remain focused on our long-term strategic goals and will continue to invest in our brands,” Narasimhan said.

Alongside the results, the company announced a first interim dividend of Rs 24 per share for the financial year 2025–26, amounting to a total payout of Rs 652.8 crore.

The record date for the dividend has been set as November 3, and the payment will be made on or before November 19, according to the company’s exchange filing.

Colgate-Palmolive (India)’s quarterly results were released after market hours. On Thursday, its shares closed 1.16 per cent higher at Rs 2,286.90 on the NSE.

However, the stock has fallen 31.35 per cent over the past year and 14.69 per cent so far in 2025.

Continue Reading

Business

UPI clocks highest ever single-day payments of Rs 1.02 lakh crore as GST rate cuts spur demand

Published

on

New Delhi, Oct 23: Finance Minister Nirmala Sitharaman highlighted on Thursday that the unified payments interface (UPI) platform processed 754 million payments worth Rs 1.02 lakh crore on October 18, marking the highest single-day tally, as consumer demand surged due to the GST rate cuts.

During the three-day period between Dhanteras and Diwali, the average UPI volumes stood at 736.9 million — higher than 647.46 million in the corresponding period a month ago, the Finance Minister said.

“It has been a cracker of a Diwali for retailers this year as GST rate cuts have boosted consumption, enabling the middle class to add more items to their shopping bags this festive season,” she observed.

From lab-grown diamonds to casual wear and products to adorn homes, both mass and premium segments of the market picked up, Sitharaman remarked.

She pointed out that the roll-out of Goods and Services Tax (GST) 2.0 has injected fresh momentum into India’s growth story by enhancing household purchasing power, easing business operations, and simplifying tax administration.

“By rationalising slabs and lowering rates across a range of consumer goods, the reform has delivered tangible savings for households, freeing up disposable income and helping stimulate demand,” the Finance Minister added.

According to the Confederation of All India Traders (CAIT), Diwali sales soared to an all-time high of Rs 6.05 lakh this year.

This marks a 25 per cent jump over the 2024 festive sales of Rs 4.25 lakh crore from the Navratri to Diwali period and is the highest-ever sales in India’s trading history, according to Research and Trade Development Society, the research wing of CAIT.

Mainline retail accounted for nearly 85 per cent of total sales, indicating a strong revival of the brick-and-mortar market, the survey showed.

The reduction in GST rates across key consumer and retail categories such as confectionery, home decor, footwear, and ready-made garments, consumer durables and daily use items significantly improved price competitiveness and increased purchase momentum.

About 72 per cent of surveyed traders reported higher sales volumes directly attributable to reduced GST, according to the survey.

Consumers expressed greater satisfaction with stable prices amid festive demand, aiding consumption continuity post-Diwali.

The non-corporate and non-agricultural sector has emerged as a central pillar of India’s growth, driven by 9 crore small businesses, crores of small manufacturing units and the largest base of consumers.

Continue Reading

Business

China Eastern Airlines resuming direct Delhi-Shanghai flights from Nov 9

Published

on

New Delhi, Oct 23: China Eastern Airlines on Thursday announced the resumption of flights on its India route, and the direct flights between Shanghai and Delhi will start from November 9, in fresh momentum for people-to-people exchanges and economic and trade collaboration between New Delhi and Beijing.

The service will operate three times weekly — on Wednesdays, Saturdays, and Sundays. China Eastern Airlines has designated the Airbus A330-200, known for its long-range capability and comfortable cabin environment, for this route.

“The flight from Delhi, MU564, will depart at 7.55 p.m., arriving in Shanghai at 4.10 a.m. the following day. Flight MU563 from Shanghai Pudong International Airport will depart at 12.50 p.m. and arrive at Indira Gandhi International Airport, Delhi, at 5.45 p.m. local time. Tickets for the route are now available for sale,” the airline said in a statement.

The Shanghai and Delhi route is one of the most strategically significant air links between India and China, connecting the major economic and cultural hubs of both nations.

The resumption of this service marks the full restoration of China Eastern Airlines’ network in India.

InterGlobe Air Transport has been the exclusive General Sales Agent (GSA) for China Eastern Airlines in India since 2002, when the airline became the first Chinese carrier to offer direct flights between India and China.

The company manages comprehensive sales, marketing, reservation and ticketing, and operational support for the airline.

It will continue leveraging its extensive network and understanding of the Indian travel market to ensure the sustained success of this vital route, said the airline.

Earlier, low-cost airline IndiGo announced new daily direct flights between New Delhi and China’s Guangzhou from November 10. The airline said that the route will be operated using IndiGo’s Airbus A320 aircraft.

It recently announced daily flights between Kolkata and Guangzhou, starting October 26. The announcement came after the Ministry of External Affairs confirmed that India and China would restart direct flights between designated cities.

Continue Reading
Advertisement
Advertisement

Trending