Business
Torres Company Scam: ₹1000 Crore Fraud, 1.25 Lakh Investors Duped, Three Arrested, Kingpins Flee To Ukraine, Case Transferred To EOW
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
Nepal, World Bank explore ‘catastrophe bond’ to protect against disaster risks

Kathmandu, Oct 15: Nepal and the International Bank for Reconstruction and Development (IBRD), part of the World Bank Group, have signed a mandate agreement to explore the development of a catastrophe bond that could help the Himalayan nation secure rapid access to funds in the event of a major natural disaster.
The agreement marks the beginning of a collaboration to assess the feasibility and potential structure of a catastrophe bond, under which Nepal could transfer part of its disaster risk to international capital markets and strengthen its financial preparedness for natural disasters, the World Bank said in a statement.
Under the agreement, the World Bank Group Treasury will work with the Nepal government and market participants to evaluate the proposed transaction.
The initiative comes as Nepal seeks to strengthen its capacity to prepare for, withstand and recover from natural disasters in the wake of devastating floods in the Bhotekoshi and downstream Trishuli river basins on August 26. The floods have killed nearly 1,500 people, while more than 5,000 remain unaccounted for, according to the National Disaster Risk Reduction and Management Authority.
Triggered by an avalanche near the Nepal-China border that blocked the river’s flow, the floods swept away several human settlements, a dozen hydropower projects, a solar plant, and several roads and bridges. Physical damage is estimated at 1.66 billion US dollars, according to the World Bank’s Global Rapid Post-Disaster Damage Estimation report.
According to the World Bank, Nepal is highly vulnerable to earthquakes, floods, landslides and other climate-related hazards, which can cause extensive damage to infrastructure, disrupt economic activities and place considerable pressure on public finances.
A catastrophe bond is a financial instrument that allows governments or other entities to transfer specific disaster risks to investors. Depending on the terms of the bond, investors may lose some or all of their principal if a specified disaster occurs, allowing the funds to be used to support the affected entity.
“Such instruments can provide an alternative source of disaster financing, potentially enabling governments to access funds more quickly than relying solely on budget reallocations or post-disaster assistance,” the World Bank said.
The initiative is part of the World Bank Group’s established catastrophe bond programme, which has helped countries access international capital markets to transfer disaster risks and secure financial protection against natural hazards.
The World Bank helps countries increase their financial resilience to disasters by supporting disaster risk financing programmes and offering contingent financing and insurance solutions.
It also assists countries in designing, developing and implementing comprehensive disaster risk financing strategies.
“A risk financing strategy helps clients determine a balance between retaining risk, for example, through a contingent financing product, and transferring risk, for example, through an insurance product,” the World Bank said.
A range of financial products can be used to address the financial risks of disasters, and the optimal mix of approaches depends on the types of risks faced by a country and the frequency and severity of disaster events, it said.
Developing countries are particularly vulnerable to the economic and fiscal consequences of disasters because of factors such as gaps in insurance coverage, inadequate infrastructure resilience, and the concentration of populations and economic activities in exposed areas.
“Following a major disaster, governments often have to redirect budgetary resources towards emergency response, relief and reconstruction, potentially affecting other development priorities,” the World Bank said.
Business
Rupee to remain in appreciating mode despite global volatility

New Delhi, Oct 15: The Indian rupee is likely to remain in an appreciating territory even as global markets remain engulfed in turbulence, while the government and the Reserve Bank of India (RBI) may need to consider further policy steps to shore up resilience, a report said on Thursday.
The report from SBI Research forecasted inflation to peak at around 6.8 per cent in November 2026. It predicted that India’s 10-year yield will likely touch 7.6 per cent which will aid in price discovery in the future as well.
“The USD/INR forward implied yield opened at 4.60 per cent, around 42 bps higher than yesterday’s close,” the report noted.
Higher hedging costs make dollar funding more expensive and could encourage corporates to shift towards INR-denominated borrowing, supporting demand for the rupee, it added.
“The RBI has done a stupendous job and now the government must step up in reducing structural frictions on the taxation front, European Central Bank policy, ODI and AI policy,” the report noted.
The RBI could adopt a calibrated tightening approach through an asymmetric corridor adjustment, raising the MSF rate by 50 bps from 5.75 per cent to 6.25 per cent in the interim.
This could be followed by a 25 bps repo rate hike in December, taking the repo rate to 5.75 per cent and the MSF rate to 6.50 per cent, it forecasted.
Global financial markets are likely to remain volatile amid persistent geopolitical uncertainties, elevated US yields and evolving inflation dynamics.
The RBI has taken salutary steps to stabilise market conditions and can act up to a point, but further measures by the government on the taxation front, particularly concerning G-secs and ECBs clarity on AI policy, could help deepen domestic borrowing avenues and support capital flows.
Business
Govt signs Rs 4,106 crore contracts for communication satellite for IAF, heavyweight torpedoes for Navy

New Delhi, Oct 15: The Ministry of Defence on Thursday said it has signed contracts worth Rs 4,106 crore for the acquisition of a dedicated communication satellite capability for the Indian Air Force, and Varunastra heavy-weight torpedoes for the Indian Navy.
Both contracts mark a significant step towards advancing the development of domestic defence manufacturing capabilities while promoting self-reliance in critical technologies in line with the government’s ‘Aatmanirbhar Bharat’ and ‘Make-in-India’ vision.
The contract for the GSAT-7C satellite, valued at Rs 2,563 crore, was signed with New Space India Limited, Bengaluru.
According to an official statement, this indigenously designed, developed and manufactured satellite will enhance the secure, resilient and seamless communication capabilities for the assets of the Indian Air Force, thereby strengthening operational effectiveness.
Meanwhile, the contract for Varunastra, worth Rs 1,543 crore, was signed with Bharat Dynamics Limited, Hyderabad.
Varunastra is an indigenous ship-launched anti-submarine torpedo developed by the Naval Science and Technological Laboratory.
“Equipped with advanced manoeuvring capabilities, it is capable of engaging enemy submarines at long ranges, thereby enhancing the anti-submarine warfare capability of the Indian Navy,” said the statement.
Earlier this month, the Ministry of Defence signed a Rs 661.50 crore deal with BrahMos Aerospace Private Limited for the procurement of BrahMos fire control system and launchers for Indian Navy ships under the Buy (Indian-IDDM) category.
With a minimum of 68 per cent indigenous content, the project encourages active participation of various Indian industries, including MSMEs (micro, small and medium enterprises) in the supply chain. The project will generate employment over a period of three years.
It also bolsters India’s maritime security architecture and defence capabilities and marks a critical milestone in the ongoing efforts to indigenise advanced military technology, according to the Defence Ministry statement.
The BrahMos System fitted on board various frontline warships is the Indian Navy’s primary Surface-to-Surface Missile (SSM) system for maritime strike operations. The weapon system is capable of targeting land and sea targets from extended ranges with pinpoint accuracy at supersonic speed.
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