Tue Jan 28 14:44:48 UTC 2025: ## Ukrainian Actor Arrested in Mumbai Ponzi Scheme that Defrauded Hundreds
**Mumbai, India –** A Ukrainian actor, Armen Ataine, has been arrested in connection with a massive Ponzi scheme run by Torres Jewellery, which defrauded hundreds of investors in Mumbai out of crores of rupees. Ataine is accused of assisting the masterminds of the scheme, identified as Ukrainian nationals Artem and Olena Stoin, who are currently being sought by police.
The Economic Offences Wing of the Mumbai police have so far arrested six individuals in relation to the scam. Torres Jewellery, which operated six stores across Mumbai, abruptly shut down earlier this month after collecting substantial funds through a high-interest investment scheme.
The scheme, launched in February 2022, offered investors attractive returns on investments in gemstones, gold, and silver. Investors, many of whom were from lower-middle-class backgrounds, were promised interest rates as high as 11 percent, with payouts initially made before ceasing approximately two months ago. The jewellery itself, including moissanite stones offered as part of the investment package, has been revealed to be counterfeit.
Investors, who claim to have collectively invested over ₹13 crore, expressed their shock and disappointment, with some noting the apparent legitimacy conferred by the company’s GST and CIN numbers. They reported losing investments ranging from a few thousand rupees to several crores.
In a recent YouTube video, Torres Jewellery alleged an internal coup orchestrated by its CEO, Tausif Reyaz, and Chief Analyst Abhishek Gupta, claiming that the pair organized the robbery of the company’s showrooms. However, police are focusing their investigation on the alleged Ukrainian masterminds behind the larger Ponzi scheme. The investigation is ongoing.
First Piper 