Tue Jan 14 15:30:18 UTC 2025: ## ED Probes ₹38 Crore Torres Jewellery Investment Fraud
**Mumbai, January 15, 2025** – The Enforcement Directorate (ED) has launched a money laundering investigation into the ₹38 crore Torres jewellery investment fraud, officials announced yesterday. The investigation follows a First Information Report (FIR) filed by the Mumbai Police (Shivaji Park police station), later transferred to the Economic Offences Wing (EOW).
The scam, allegedly involving a Ponzi scheme operated by a private firm owning the ‘Torres’ jewellery brand, has so far affected 1,916 investors. The fraud came to light earlier this month when investors, unable to recover their promised returns, gathered at the company’s Dadar store.
Three senior executives – Tazagul Xasatov (Uzbekistan), Valentina Ganesh Kumar (Russia), and Sarvesh Surve – have been arrested. Police, who anticipate the scam’s value to increase, have also issued Look Out Circulars (LOCs) for 11 more suspects, including foreign nationals.
The ED will question the arrested executives and potentially additional individuals, aiming to uncover the scam’s full extent and identify the mastermind behind the operation. Investigations are also focusing on the origins of the initial funding for Platinum Hern, the parent company of the Torres brand. Police reports indicate investors were lured with promises of cars, flats, gift cards, and hampers.
First Piper 