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.
Mumbai, May 19: Railway wagons and components manufacturer Jupiter Wagons on Monday reported a decline of 1.9 per cent in its net profit at Rs 103 crore in Q4 FY25, down from Rs 105 crore in the same period last fiscal.
The profit before tax (PBT) also declined by 8.26 per cent year-on-year (YoY) to Rs 127.47 crore from Rs 138.95 crore, according to its stock exchange filing.
The company’s consolidated total income also saw a decline, falling to Rs 1,057 crore from Rs 1,127 crore a year earlier — a drop of around 6.2 per cent.
Similarly, revenue from operations decreased by approximately 6.4 per cent, from Rs 1,115.41 crore in the year-ago period to Rs 1,044.54 crore in the last quarter of FY25.
Despite the revenue dip, Jupiter Wagons managed to reduce its total expenses to Rs 923.34 crore in Q4, down 6.4 per cent compared to Rs 986.41 crore in the same quarter last financial year.
However, on a sequential basis, expenses rose by about 1.56 per cent compared to Rs 909.16 crore in Q3.
The company’s EBITDA (earnings before interest, taxes, depreciation, and amortisation) rose slightly to Rs 153 crore from Rs 147 crore last fiscal, with the EBITDA margin improving to 14.6 per cent from 13.2 per cent.
Shares of Jupiter Wagons Limited fell by Rs 13.1 or 3.1 per cent to close the intra-day trading session at Rs 408.95 on the National Stock Exchange (NSE) on Monday.
Speaking about the full financial year, Managing Director Vivek Lohia described FY25 as a transformative year for Jupiter Wagons.
He highlighted several strategic wins, including major contracts with Braithwaite for wheelsets.
“The company also secured brake system contracts worth over Rs 215 crore,” Lohia mentioned.
Lohia emphasised the company’s push into electric mobility with the inauguration of a new facility in Pithampur.
“This state-of-the-art plant is expected to drive battery production and supply to Indian Railways and private partners, along with orders for complete Battery Energy Storage Systems (BESS),” he said.
New Delhi, May 19: The government is unlikely to extend the commercial airline IndiGo’s leasing agreement with Turkish Airlines due to strained diplomatic relations following Turkey’s open support for Pakistan after the Pahalgam terror attack and Operation Sindoor launched by India to avenge the killings of 26 tourists.
“The current pact, which enables IndiGo to operate wide-body aircraft on the Delhi-Istanbul route, expires on May 31. The government review is underway and the deal is unlikely to be renewed given the broader diplomatic context,” according to an Media report, citing people in the know.
IndiGo currently operates over 500-seater Airbus A330s on lease from Turkish Airlines for its Istanbul flights. The partnership also includes a codeshare deal that allows IndiGo to sell connections to over 40 destinations in Europe and North America via Istanbul.
On Thursday, IndiGo defended the collaboration, calling it “strategic” and essential for offering Indian flyers long-haul international access.
Apart from the vocal support during the heinous Pahalgam massacre, Turkey has also supplied drones to Pakistan, which were used to attack India during Operation Sindoor.
The issue of renewal of the IndiGo agreement with Turkish Airlines comes up at a time when India is already snapping ties with Turkish businesses and universities.
The government on Thursday revoked the security clearance for Turkish ground-handling firm Celebi Airport Services at Indian airports, due to national security concerns.
The Turkish company handled around 70 per cent of the ground operations at Mumbai airport, including passenger services, load control, flight operations, cargo and postal services, warehouses and bridge operations.
Adani Airport Holdings has also scrapped its agreement with Turkish company DragonPass to provide the latter’s customers access to its airport lounges.
“Our association with DragonPass, which provided access to airport lounges, has been terminated with immediate effect. DragonPass customers will no longer have access to lounges at Adani-managed airports. This change will have no impact on the airport lounge and travel experience for other customers,” the Adani Airport Holdings spokesperson said on Thursday.
Hundreds of Indian tourists have cancelled their trips to Turkey and Azerbaijan as part of the nationalistic backlash against these countries for supporting Pakistan in the conflict with India. Leading online travel booking platforms MakeMyTrip and EaseMyTrip have reported mass cancellations and a sharp drop in Indian tourists wanting to travel to Turkey and Azerbaijan.
Similarly, many Indian universities, including Jawaharlal Nehru University, Jamia Millia Islamia, and Maulana Azad National Urdu University, have suspended academic ties with Turkish institutions.
Mumbai, May 17: The Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with the Global Energy Alliance for People and Planet (GEAPP) to enhance opportunities for clean energy startups in India, Ministry of Commerce and Industry announced on Saturday.
Sanjiv, Joint Secretary, DPIIT said the collaboration will help startups scale technologies that support India’s long-term net-zero goals.
“India’s climate leadership depended on a strong entrepreneurial base. The partnership would open significant opportunities for clean energy startups to scale technologies that support the country’s long-term net-zero objectives,” he stated.
Under the two-year partnership, both organisations aim to boost innovation, sustainability, and entrepreneurship in the clean energy and manufacturing sectors.
The initiative will support early-stage climate-tech startups by helping them access funding, mentorship, pilot projects, and market connections. There is also a provision to extend the partnership beyond the initial term.
As part of the MoU, GEAPP will launch the Energy Transitions Innovation Challenge (ENTICE) — a platform that will offer up to $500,000 in rewards for impactful clean energy solutions.
Investment support will be provided through partners such as Spectrum Impact and Avana Capital.
DPIIT will help link the programme with the Startup India network and ensure its reach through various government schemes.
Sanjiv said India’s leadership in climate action depends on building a strong entrepreneurial base and added that this partnership is a step in that direction.
Saurabh Kumar, Vice President – India at GEAPP, called the MoU a key milestone to drive systemic change.
He said the combined strengths of GEAPP’s global experience, DPIIT’s institutional backing, and Startup India’s network would create new avenues for clean energy innovation in the country.
The agreement was signed by Dr Sumeet Jarangal and Saurabh Kumar in the presence of senior officials from both organisations.
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