Business
Torres Jewellery Ponzi Scam: Bombay HC Orders Transfer Of All FIRs To EOW, Directs Formation Of SIT

Mumbai: The Bombay High Court on Wednesday directed the transfer of all FIRs related to the Rs 1,000 crore Torres scam to the Economic Offences Wing (EOW) of the Mumbai Police. Four FIRs have been registered across Mumbai and MMR, alleging that the jewellery chain defrauded over 1.25 lakh investors.
A bench of Justices Revati Mohite-Dere and Neela Gokhale instructed EOW Deputy Commissioner of Police Sangramsinh Nishandar, who attended the hearing virtually, to constitute a Special Investigation Team (SIT) for the probe. The SIT will include officers from police stations where the FIRs were originally lodged.
Apart from EOW Mumbai, FIRs were registered by the Thane, Navghar, Mira Bhayandar, and Navi Mumbai police. The Navi Mumbai FIR was earlier transferred to its local EOW branch.
The court was hearing a petition filed by Mumbai-based chartered accountant Abhishek Gupta, 31, who claims to have exposed the scam. Gupta sought police protection, citing threats to his life. The court directed Mumbai Police Commissioner Vivek Phansalkar to provide protection to Gupta until the next hearing, scheduled after eight weeks.
During the hearing, the court criticized the police for their delayed action despite being alerted to irregularities in June 2024. The bench observed, “The police need to be alive to what is happening and act promptly to ensure the common man does not lose their hard-earned money.”
The scam involved cheating investors through a combination of Ponzi and multi-level marketing (MLM) schemes. The EOW has so far arrested three individuals, including two foreign nationals. Public Prosecutor Hiten Venegaonkar informed the court that of the 12 accused, eight — seven Ukrainians and one Indian — fled the country before December 30, 2024. He assured the court that their locations are now known and action will be taken.
Venegaonkar also revealed that the Navi Mumbai EOW had been secretly investigating the case since October 2024, after realizing the scale of the fraud. “They quietly collected information and summoned individuals linked to Torres’ showrooms. The hue and cry started after the payments stopped in the last week of December. That’s when the Ukranians fled the country,” he said.
The court, however, emphasised the lack of urgency shown by the police. “Somewhere there has been dereliction of duty. Nobody has acted with alacrity,” the bench remarked. It also urged the police to develop mechanisms to prevent similar scams in the future, stating, “Now you know their modus operandi. Police need to be alive to what is happening and take prompt action so that people do not lose their money. Or there can be some mechanism in the future,” it added.
Responding to a court query, Nishandar requested eight weeks to show progress in the case.
Gupta, who audited the accounts of Platinum Hern Pvt Ltd, Torres’ parent company, claimed to be a vulnerable witness at risk of being targeted by the scam’s perpetrators. He alleged that the company’s directors—Sarvesh Surve and Taufiq Riaz (alias John Carter)—and an employee, Laxmi Yadav, had warned the police about the scam as early as June 2024. However, the authorities only took cognizance on January 2, 2025.
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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