Wed Jan 08 07:05:06 UTC 2025: **Mumbai Police Busts ₹1,000 Crore Jewelry Ponzi Scheme; Three Arrested, Two Fugitives**

MUMBAI, INDIA – Mumbai police have arrested three senior officials of Platinum Hern Pvt Ltd, the company behind the Torres jewelry store chain, in connection with a massive Ponzi scheme that allegedly defrauded 1.25 lakh investors of ₹1,000 crore (approximately $121 million USD). The arrests follow an investigation launched after a complaint from a vegetable vendor who lost ₹4.5 crore.

Those arrested include General Manager Taniya Xasatova (Uzbekistan national), Director Sarvesh Ashok Surve, and Store In-charge Valentina Ganesh Kumar (an Overseas Citizen of India of Russian origin). They were remanded to police custody until January 13th. Police allege the company operated without the necessary licenses from the Reserve Bank of India or other government bodies.

The investigation has been transferred to the Mumbai Police’s Economic Offences Wing (EOW) due to the scale of the fraud. Police have issued Look Out Circulars (LOCs) for the suspected masterminds, John Carter and Victoria Kowlenko, believed to be Ukrainian nationals who have fled the country.

The fraudulent scheme, launched in February 2023, lured investors with promises of weekly returns as high as 11.5% on cash investments, and additional bonuses for referrals. Investors were encouraged to invest in gold, silver, and Moissanite stones. Police have seized ₹28 lakh in cash and frozen approximately ₹4 crore in bank accounts. They are now working to identify and seize further assets to recover funds for victims.

Victims reported mortgaging jewelry and taking out loans to invest in the scheme, highlighting the devastating financial impact. One investor, Shailaja Shinde, expressed suicidal feelings due to the loss. BJP leader Kirit Somaiya also commented on the case, estimating the losses could exceed ₹1,000 crore.

The company allegedly planned to close its branches and flee the country on January 1st, staging a robbery at one location to create a diversion. The final paragraph about Kashmir’s snowfall is unrelated and has been omitted.

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