Tue Jan 07 11:32:38 UTC 2025: ## Mumbai Jeweler’s Investment Scam Leaves Thousands Reeling; Over ₹13 Crore Lost

**MUMBAI, INDIA** – A massive investment scam allegedly orchestrated by Torres Jewellers in Mumbai has left thousands of investors facing significant financial losses, with estimates exceeding ₹100 crore. The Shivaji Park police have filed a First Information Report (FIR) against the company’s directors, CEO, and other key personnel, accusing them of defrauding investors through lucrative, yet fraudulent, investment schemes.

Launched in February 2024, the schemes promised investors a ₹10,000 discount on a moissanite pendant for every ₹1 lakh invested, along with a 6% annual return paid out weekly. However, payments ceased abruptly two weeks ago, triggering widespread panic and prompting investors to file complaints.

Victims include vegetable vendors, small business owners, and professionals, many of whom invested their life savings. One vegetable vendor, Pradeep Kumar Vaishya, reported losing ₹7 lakh, while a group of investors from a single stationery store lost ₹3 crore. Police estimate that over 1.25 lakh investors may be affected.

The FIR, filed under sections of the Bharatiya Nyaya Sanhita, 2023, and the Maharashtra Protection of Interest of Depositors (MPID) Act, 2023, names Sarvesh Ashok Surve and Victoria Kovalenko (Directors), Taufik Riaz alias John Carter (CEO), Tania Casatova (General Manager), and Valentina Kumar (Store In-Charge) as accused. Authorities suspect some individuals may have fled the country.

While the Shivaji Park police are leading the primary investigation, similar complaints have been filed in Vashi and Mira Road, indicating a wider reach to the alleged fraud.

Torres Jewellers has issued a statement on its website, claiming its CEO and other employees were responsible for the losses, alleging vandalism and theft. However, authorities, including the Economic Offences Wing (EOW), are investigating this claim alongside the larger fraud investigation. The police warn that the final amount of the fraud could increase substantially as more complaints are filed. No arrests have been made yet.

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