IN PHOTOS: Investors, BJP leader Kirit Somaiya meet Mumbai Police Commissioner over Torres scam probe

Investors, along with BJP leader Kirit Somaiya, met the Mumbai Police Commissioner on Wednesday, demanding that a case be registered against the jewellery brand and that refunds for the promised returns from the schemes be given to the victims (PIC/SHADAB KHAN)

Updated On: 2025-01-08 07:53 PM IST

Compiled by : Divya Nair

PIC/SHADAB KHAN

The Shivaji Park police have so far arrested three people—the director of a jewellery brand, an Overseas Citizen of India (OCI) and a citizen of Uzbekistan—for allegedly duping investors of R13.48 crore through a Ponzi scheme

 The accused lured victims with promises of high weekly returns, exclusive offers, and rewards for referrals via a flashy app. An look-out circular (LOC) has been issued against two absconding accused who are suspected to have fled the country

The arrested individuals include Sarvesh Surve, the company director, Valentina Kumari (an OCI national), and Tania Kasatova, an Uzbekistan citizen

Police suspect the fraud’s scale could exceed Rs 700 crore, with statements from victims still being recorded

The scheme targeted investors through a jewellery brand named Torres, which operated six stores in Mumbai, including branches in Dadar, Girgaon, Sanpada, Mira Road, and Kandivli

Investors were lured via the company’s app, “Torres Club,” which displayed investment statuses and promised weekly returns

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IN PHOTOS: Mumbai Police arrest director, two foreign nationals in Torres scam

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