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Torres Jewellery Ponzi Scheme: Bombay HC Orders Police Protection For Whistleblower Abhishek Gupta Who Exposed ₹1000 Crore Fraud

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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

Tata Motors Unveils Limited-Edition Safari STEALTH to Mark 27 Years of Legacy

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Tata Motors is celebrating 27 years of the Safari with the launch of the exclusive STEALTH Edition, a limited-run variant designed for those who seek style and performance. Available in both the Harrier and Safari models, only 2,700 units of this edition will be produced. The Harrier STEALTH is priced at Rs 25.09 lakh (ex-showroom, Delhi), while the Safari STEALTH starts at Rs 25.74 lakh (ex-showroom, Delhi) and is offered in both 6- and 7-seater configurations. With a striking design, premium features, and advanced technology, the STEALTH Edition adds a new level of exclusivity to Tata’s SUV lineup.

The Tata STEALTH Edition brings a bold, monotone design that reflects the growing demand for exclusive and distinctive vehicles. With limited units available, this special edition is set to attract enthusiasts looking for a unique SUV. Bookings for the STEALTH Edition opened on February 21, both online and at Tata dealerships across India, giving customers the chance to own a rare and stylish addition to Tata’s lineup.

The Harrier and Safari STEALTH Edition stand out with their bold design and advanced features, built on the sturdy OMEGARC platform derived from Land Rover’s D8 architecture. The exclusive Matte Black finish, R19 Black Alloy Wheels, and a distinctive STEALTH mascot give these SUVs a powerful road presence. Inside, the cabin is designed for comfort with ventilated first- and second-row seats (Safari only for the second row), a Carbon-Noir interior theme, and a voice-assisted dual-zone climate control system.

Technology is a highlight, featuring a 31.24 cm Harman touchscreen, Arcade App Store, Alexa Home 2 Car, Map My India navigation, and a 10-speaker JBL audio system with Harman AudioworX. Power comes from a 2.0L KRYOTEC BS6 Phase 2 turbocharged engine producing 170PS, paired with a 6-speed automatic transmission. Safety is a priority, with Level 2+ ADAS offering 21 functions, including a segment-first Intelligent Speed Assist, along with 7 airbags and ESP with 17 safety features.

Unveiling this exciting new version of the Harrier and Safari, Vivek Srivatsa, Chief Commercial Officer, Tata Passenger Electric Mobility Ltd., stated, “Tata Motors has been a leader in the Indian SUV segment, with innovation at its core. The Tata Safari, which introduced the concept of a lifestyle SUV to India, reflects this legacy of pioneering excellence. Over 27 remarkable years, the Safari has constantly evolved, and the launch of the STEALTH Edition is a tribute to this journey. This special edition is an exclusive offering, with only 2,700 units available in the striking STEALTH Matte Black finish. More than just an SUV, the STEALTH Edition is a symbol of prestige, adventure, and capability, making it a highly desirable collector’s item for enthusiasts and connoisseurs. Owning a STEALTH Edition isn’t just about having an extraordinary vehicle—it’s about claiming a piece of automotive history that many will aspire to have in their collection.”

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Maruti Suzuki’s New Mid-Term Plan Aims To Make India An Export Hub, Launch More EVs

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New Delhi: The Suzuki Motor Corporation of Japan, the parent company of Maruti Suzuki India, on Thursday announced a new mid-term plan with a “rethink” in its strategy as “the business environment has changed due to declining market share in India” and the growing electrical vehicles segment.

In its new mid-term plan for 2025-30, the company has identified India as its “most important market”. Maruti Suzuki aims to create a manufacturing capacity of producing 4 million cars annually to reclaim a 50 per cent market share in India and use the country as a global export hub as well.

The auto major plans to expand its EV lineup starting with the e-Vitara, and is aiming to launch four new EV models by FY30 in a segment where its rivals like Tata Motors and Mahindra & Mahindra already have a varied EV portfolio in India.

“In India, we will promote further localisation in line with the growth of the electric vehicle market,” the company said.

Maruti Suzuki is currently exporting three lakh vehicles from India annually. By the end of this decade, it is targeting the export of 7.5-8 lakh units per year.

While the company noted it achieved revenue and profit targets ahead of schedule by improving sales mix and quality, its sales volume target could not be met.

It noted that the “competitive environment is becoming increasingly severe, and the quality of product functions, equipment and services required by customers is increasing”.

It aims to be India’s no.1 carmaker in terms of production, local sales and exports of electric cars. A total of six electric vehicles will be introduced by FY30, including four electric cars and two commercial vehicles.

Suzuki Motor plans to invest 1,200 billion yen (about Rs 7,000 crore) as capital expenditure towards production, new models, carbon neutrality and quality measures. A new plant in Haryana’s Kharkhoda and an assembly line in Suzuki Motor Gujarat will come onstream by 2030 for a total installed capacity of four million units.

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‘Made in India’ iPhone 6e not SE variant but a next-gen entry point for consumers

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New Delhi, Feb 20: In a further push to the local manufacturing, the entire iPhone 16 lineup, including the newly-launched iPhone 16e, is now being assembled in India for domestic market as well as for exports, as industry experts on Thursday cleared the air around the new device being compared to now-retired iPhone SE.

The new Apple device, with A18 chip, breakthrough battery life, Apple Intelligence, and a 48MP 2-in-1 camera system, is being manufactured/assembled for local consumption as well as for export to select countries.

According to experts, iPhone 16e is not iPhone SE4 and the whole “comparison is futile”.

When iPhone SE was launched, it was another masterstroke at that time. However, times have changed since then.

“Essentially, Apple retired the SE lineup and extended the iPhone 16 lineup with a new entry point. iPhone SE was no longer adding any value to consumers, developers or Apple,” said Neil Shah, Partner and Co-Founder at Counterpoint Research.

The iPhone SE which was positioned as a “Special Edition,” which brought nostalgia of older and smaller design, was priced around $400.

However, the iPhone SE lost its value and popularity, which used to be once 16 per cent of the total iPhone sales volumes, dropped to 1 per cent last year.

According to Shah, consumers now prefer better cameras, bigger displays and faster processors.

“With all this background, what Apple did was to extend the 16 series with a newer ‘base version’ of iPhone 16 and now retired SE,” Shah explained.

According to industry experts, the company has done well with streamlining the series, reducing fragmentation in design and experience and able to charge $599 (US)/Rs 59,999 (India) with the newest entry point for the best Apple experiences.

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