Business
Torres Jewellery Ponzi Scheme: Bombay HC Orders Police Protection For Whistleblower Abhishek Gupta Who Exposed ₹1000 Crore Fraud
Mumbai: The Bombay High Court on Wednesday directed the Commissioner of Mumbai Police to provide protection to Mumbai-based chartered accountant Abhishek Gupta, 31, who claims to have exposed the Rs 1000 crore Torres Jewellery fraud, after being informed that the police are still verifying whether there is any threat perception to Gupta. The jewellery chain is accused of defrauding over 1.25 lakh investors of Rs 1,000 crore across the Mumbai Metropolitan Region.
A bench of Justices Revati Mohite-Dere and Neela Gokhale also expressed “shock” over the manner in which the Mumbai police and “specialised agency” Economic Offence Wing (EOW) dragged their feet in the probe thereby giving opportunity to the foreign national accused to flee. “We are shocked at the manner in which the investigation is progressing… Somewhere, the police are responsible. They had so much information,” the bench remarked.
Gupta, who audited the accounts of Platinum Hern Pvt Ltd, the parent entity behind Torres, alleged that he is a “vulnerable witness” at risk of being eliminated by those behind the scam. He claimed that two of the company’s directors Sarvesh Surve and Taufiq Riaz (alias John Carter); and an employee Laxmi Yadav had warned the police about the alleged scam way back in June 2024. However, the police took cognisance only on January 2.
Gupta’s advocate, Ranjit Sangle, informed the court that the petitioner received threats on messenger app, Telegram, and that his photos are being circulated in Tilak Nagar, falsely identifying him as a wanted accused. “I received a photo of myself sitting in a Deputy Commissioner’s office, which is being shared to mislead people,” Gupta said.
On a court query, State’s advocate Prajakta Shinde said they were awaiting a report on threat perception to Gupta. The court said, “Till then, we will direct you to grant police protection. Someone is exposing your fault. You are lax in your actions.” It also emphasized the importance of protecting whistleblowers, cautioning, “If someone is giving you all this information, don’t make them a scapegoat.”
While the EOW has arrested three directors, including Sarvesh Surve, Tania Kastova, and Valentina Kumar, the Ukrainian nationals John Carter and Victoria Kovalenko remain at large. The EOW admitted that Lookout Circulars (LOCs) were issued only on January 10, four days after an FIR was registered on January 6.
The EOw claimed that they have taken steps to recover the amounts from the accused, and have managed to recover Rs 25 crore, to this, the bench quipped: “That is not even one percent of scam,” while asking the police to apprehend the accused.
When informed that the accused have similar cases pending against them in Turkey and Ukraine, the bench said that under which circumstances they were unlikely to flee to Ukraine. “Have you found out whether they have left the country?” the bench asked.
The bench also criticized the agency for failing to secure crucial evidence such as CCTV footage. “This is a specialized agency. We expect promptness; otherwise, the accused will flee. Obtain CCTV footage from the company’s offices, hotels where the accused stayed, and the Police Commissioner’s office,” it ordered.
The court summoned the Assistant Commissioner of Police via video conference on January 22 and directed officers from Shivaji Park, APMC, and Navghar police stations to remain present at the next hearing.
“Because you can’t find somebody, don’t make someone else a scapegoat. You must ensure prompt and proper investigation,” the court concluded.
The scheme, masterminded by foreign nationals, offered investors exorbitant returns of 4% to 10% per week and annual profits of up to 520%. The scam unraveled when investors protested outside a Torres store in Dadar, demanding their refunds.
The EOW has taken over the investigation and registered an FIR under the Maharashtra Protection of Depositors Act and other laws. While three directors—Sarvesh Surve, Tania Kastova, and Valentina Kumar—have been arrested, Ukrainian nationals John Carter and Victoria Kovalenko have fled the country. Lookout Circulars (LOCs) have been issued for their arrest.
Business
Union Cabinet approves Pune Metro Rail Project Phase 2 with Rs 9,857 crore outlay

New Delhi, Nov 26: In a major boost for the public transport network in Pune, the Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved Line 4 (Kharadi–Hadapsar–Swargate–Khadakwasla) and Line 4A (Nal Stop–Warje–Manik Baug) with Rs 9,857.85 crore outlay under Phase 2 of the Pune Metro Rail Project.
According to the Cabinet, this is the second major project approved under Phase-2, following the sanction of Line 2A (Vanaz–Chandani Chowk) and Line 2B (Ramwadi–Wagholi/Vitthalwadi). With this latest approval, Pune Metro’s network will expand beyond the 100-km milestone, a significant step in the city’s journey towards a modern, integrated, and sustainable urban transit system.
Spanning 31.636 km with 28 elevated stations, Line 4 and 4A will connect IT hubs, commercial zones, educational institutions, and residential clusters across East, South, and West Pune.
The project will be completed within five years at an estimated cost of Rs 9,857.85 crore, to be jointly funded by the Centre, the Maharashtra government, and external bilateral/multilateral funding agencies.
These lines are a vital part of Pune’s Comprehensive Mobility Plan (CMP) and will seamlessly integrate with operational and sanctioned corridors at Kharadi Bypass and Nal Stop (Line 2), and Swargate (Line 1).
“They will also provide an interchange at Hadapsar Railway Station and connect with future corridors towards Loni Kalbhor and Saswad Road, ensuring smooth multimodal connectivity across metro, rail, and bus networks,” a Cabinet communique said.
The project will be implemented by the Maharashtra Metro Rail Corporation Limited (Maha-Metro), which will carry out all civil, electrical, mechanical, and systems works.
Pre-construction activities such as topographical surveys and detailed design consultancy are already underway, according to the Cabinet.
According to projections, the daily ridership on Line 4 and 4A combined is expected to be 4.09 lakh in 2028, rising to nearly 7 lakh in 2038, 9.63 lakh in 2048, and over 11.7 lakh in 2058.
Of this, the Kharadi–Khadakwasla corridor will account for 3.23 lakh passengers in 2028, growing to 9.33 lakh by 2058, while the Nal Stop–Warje–Manik Baug spur line will rise from 85,555 to 2.41 lakh passengers over the same period.
These projections highlight the significant growth in ridership expected on Line 4 and 4A over the coming decades.
With Line 4 and 4A, Pune will not just get more metro tracks but will also gain a faster, greener, and more connected future. These corridors are designed to give back hours of commuting time, reduce traffic chaos, and provide citizens with a safe, reliable, and affordable alternative.
Business
Assam saw major drop in child marriage cases under BJP govt: CM Sarma

Guwahati, Nov 26: Assam Chief Minister Himanta Biswa Sarma on Wednesday underscored a “major turnaround” in the state’s battle against child marriage, saying a combination of stringent enforcement and systemic reforms has led to significant declines in the underage marriages and boosted legal accountability.
CM Sarma claimed that according to NFHS‑4 (2015-16) data, 31.8 per cent of women in Assam aged 20–24 were married before turning 18 – a rate that exceeded the national average.
Moreover, district-level fact sheets had recorded alarming prevalence in districts such as Dhubri, South Salmara, Barpeta and Nagaon, as high as 40–55 per cent.
However, the state now claims a decisive shift. Between 2023 and 2024 alone, more than 8,600 arrests were made in coordinated crackdowns under both the Protection of Children from Sexual Offences Act (POCSO) and the Prohibition of Child Marriage Act (PCMA).
According to the Chief Minister, in 2022 the number of cases registered stood at 224, sharply up from just 149 in 2021, indicating a steep rise in enforcement.
CM Sarma said, “Beyond arrests, Assam has formed district-level task forces, headed by superintendents of police, to track and intercept impending child marriages. Community-level workers – including ASHAs, Anganwadi staff and schoolteachers – are now required to report suspected cases in real time.”
“Several districts have also reportedly established digital databases and child-protection tracking mechanisms,” he added.
The CM claimed that these measures have borne fruit: In hotspot districts, the incidence of child marriage fell by 8–17 per cent within a year, and more than 3,000 planned child marriages were prevented in 2023–24 alone.
Notably, the Assam government’s recent actions – from sustained crackdowns to setting up institutional safeguards – reflect a far more aggressive stance on child marriage than seen in earlier years, when the practice was largely treated as a social issue rather than a crime.
Business
Revanth Reddy urges PM Modi to declare Bengaluru-Hyderabad as defence & aerospace corridor

Hyderabad, Nov 26: Telangana Chief Minister A. Revanth Reddy, on Wednesday, appealed to Prime Minister Narendra Modi to declare Bengaluru-Hyderabad as a defence and aerospace corridor.
The Chief Minister said this during the inauguration of the French aerospace major Safran’s largest MRO centre for the CFM International LEAP engines in Hyderabad.
The Chief Minister stated that declaring Bengaluru-Hyderabad as a defence and aerospace corridor will contribute to Viksit Bharat.
The Safran Aircraft Engine Services India (SAESI) facility at the GMR AeroPark (SEZ) near Shamshabad will be operational in 2026.
The Chief Minister congratulated Safran for choosing Hyderabad for a big investment and thanked it for its trust and continued partnership with Telangana.
He stated that this new facility marks an important milestone for Telangana’s growth in the aerospace and defence sector.
Revanth Reddy noted that this is the first-ever Maintenance, Repair and Overhaul (MRO) centre for LEAP engines in India. Set up with an investment of ₹1,300 crore, the centre will employ over 1,000 skilled technicians and engineers, while also generating new business opportunities for local MSMEs and precision engineering firms, he said.
He said that the foundation stone was also laid today for Safran’s M88 Military Engine MRO, which will support both the Indian Air Force and the Indian Navy.
The Chief Minister emphasised that Hyderabad has emerged as a major aerospace and defence hub, home to more than 25 major global companies and over 1,500 MSMEs. He added that Telangana’s progressive industrial and MSME policies are ranked among the best in India.
He said that Hyderabad’s world-class infrastructure, aerospace parks and SEZs continue to attract mega investments from leading global companies, making the city a top choice for highly complex precision engineering projects.
He noted that Hyderabad is already a preferred destination for companies such as Safran, Boeing, Airbus, Tata, and Bharat Forge for manufacturing and R&D activities, and has become one of India’s leading MRO and aero-engine hubs.
The Chief Minister highlighted that Telangana’s aerospace and defence exports doubled last year, reaching ₹30,742 crore in just nine months, surpassing the state’s pharma exports for the first time.
He also mentioned that Telangana has consistently won the Best State Award for Aerospace from the Ministry of Civil Aviation.
He underscored that skilling is a key factor in attracting aerospace investments. Telangana has upgraded 100 Industrial Training Institutes into Advanced Technology Centres in partnership with Tata Technologies, ensuring youth are job-ready for advanced manufacturing.
He added that the Young India Skills University is offering specialised training in aircraft maintenance and invited Safran to be a lead partner in aerospace and MRO skilling initiatives.
Reaffirming Telangana’s commitment to supporting partners like Safran with world-class infrastructure, the Chief Minister spoke about the upcoming Bharat Future City, being developed across 30,000 acres as a planned, fully green, net-zero global destination – India’s answer to New York, Tokyo, Dubai and Singapore.
He extended an invitation to the Prime Minister to attend the ‘Telangana Rising 2047 – Global Summit’ at Bharat Future City on December 8 and 9, where the state’s long-term vision will be unveiled. Telangana aims to become a $1 trillion economy by 2035 and a $3 trillion economy by 2047.
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