Wed Jan 08 09:11:14 UTC 2025: ## Mumbai Police Crack Down on ₹1,000 Crore Jewellery Fraud

**MUMBAI, January [Date]** – Mumbai police have arrested three individuals and launched a manhunt for two others in connection with a massive ₹1,000 crore fraud perpetrated by Torres Jewellers. The company, operating under the parent company Platinum Hern Pvt Ltd, allegedly scammed an estimated 1.25 lakh investors through fraudulent investment schemes across its six branches in and around Mumbai.

Those arrested include Sarvesh Ashok Surve, a director; Tania Kasatova (also known as Tazgul Karaxanova Xasatova), the general manager; and Valentina Ganesh Kumar, a store in-charge. Police are searching for CEO Taufik Riyaz (aka John Carter) and director Viktoriia Kovalenko, both Ukrainian nationals and alleged masterminds behind the scheme. Look-out circulars have been issued for the fugitives.

The arrests followed a surge of angry investors gathering outside a Dadar store on Monday demanding their money. Police seized bank accounts and lockers belonging to the company. Evidence suggests Torres Jewellers may have tampered with CCTV footage to cover their tracks. The company is now reportedly urging investors to file complaints only against Riyaz and Surve, claiming they will soon return funds.

Multiple police stations are involved in the investigation. A case has been registered at the Kandivali police station following vandalism at a newly opened branch there. Navghar police in Bhayander West have registered another case involving at least 25 investors defrauded of ₹68.12 lakh at a Mira Road branch. The APMC police in Navi Mumbai have also registered a case involving over ₹2 crore in losses. This case has been transferred to the Economic Offences Wing.

The three arrested individuals appeared in court on Tuesday and were remanded to police custody until January 13. Their lawyers claimed they were merely interpreters or translators for the company and not involved in the fraudulent activities. The investigation is ongoing, and authorities are urging further victims to come forward.

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