27,000-page charge sheet untangles the intricate web of how the Ponzi scheme was carried out; man who claimed to be whistleblower named as main accused
Torres jewellery store in Dadar. Platinum Hern Pvt Ltd, the owner of the brand, is accused of cheating investors of crores of rupees. Pic/Atul Kamble
The Economic Offences Wing (EOW) has filed a charge sheet exceeding 27,000 pages in the Torres scam, naming seven accused individuals and a firm. The charge sheet states that the operation was a well-orchestrated Ponzi scheme, where investors were lured with promises of high returns through the purchase of low-quality moissanite gemstones. The charge sheet states that investors were also lured into buying moissanite-based silver and gold jewellery.
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According to the EOW, the stones were sourced from Rajasthan and were actually ‘low-quality artificial Maisonette’, bought for just Rs 350 to Rs 500 and sold for as much as Rs 8000. From 2023 to January 2025, stones worth Rs 20 crore were purchased from the Rajasthan-based supplier. The charge sheet outlines the role of each accused in the scam.
(From top left) Tausif Riyaz alias John Carter, whistleblower/accused, Olena Stoian, alleged mastermind of scam, who is absconding, Oleksandra Brunkivska, one of the absconding accused, Armen Ataian, Ukrainian national and a known actor in his country, Victoriia Kovalenko, Ukrainian national who is on the run, A Ukrainian national living in city for several years, key figure in scam
One of them, Tausif Riyaz alias John Carter—who had claimed to be a whistleblower—has also been charge-sheeted. Investigators allege he played a key role in assisting foreign nationals in setting up the scheme in Mumbai and its outskirts. The EOW has claimed that the scam was of Rs 142.58 crore so far since only 14,000 investors have approached them. It was expected that more than one lakh people had invested in Torres and initially it was suspected that the scam could be worth more than Rs 1000 crore.
The accused and their roles
Tausif Riyaz alias John Carter
According to the charge sheet, he played a crucial role in helping foreign nationals establish Torres operations in Mumbai. Meetings to discuss the scam reportedly began in February 2023 with wanted Ukrainian national and alleged mastermind Olena Stoian, along with another accused named Alex. Riyaz facilitated their plans by connecting them with CA Abhishek Gupta, a key witness in the case. He also helped procure PAN and Aadhaar cards for company registration and was appointed CEO of Platinum Hern Pvt Ltd. Additionally, Riyaz assisted in securing rental properties for Torres jewellery showrooms across Mumbai, Navi Mumbai and Kalyan.
Tania alias Tazgul Xastova
A Ukrainian national residing in Mumbai for several years, Tania was caught in a fake passport case by Sahar police in 2008. In the Torres operation, she served as the regional manager, overseeing showroom operations and staff recruitment. EOW investigations revealed that she was caught with R68 lakh in cash during the state Assembly elections in November 2024 by the Election Commission. Following her arrest, over R77 lakh was seized from her residence, along with R13 lakh in cash from her personal belongings. She is considered a key figure in managing Torres’ India operations alongside mastermind Olena Stoian.
Valentina Ganesh Kumar
A 44-year-old Russian-born woman who has been living in India for 20 years, Valentina is married to an Indian and has an 11-year-old daughter. She worked closely with Tania and played an active role in promoting the Ponzi scheme. According to the EOW, Valentina gave investment lectures at Torres seminars. About R13 lakh in cash was also recovered from her during searches. She has approached the high court seeking quashing of the FIR, claiming she was merely an employee with no knowledge of the scam.
Sarvesh Ashok Surve
Listed as a director in the company, Surve initially claimed to be a mere employee and posed as a whistleblower. However, the charge sheet highlights his active involvement in the scam alongside foreign nationals and Riyaz.
Armen Ataian
A Ukrainian national and a known actor in his country, Armen was arrested after his role surfaced in connecting the foreign nationals with Riyaz. He also allegedly procured a fake birth certificate from the BMC, for which a separate case has been registered at Bhoiwada police station. He was arrested from Madh, where he was living with two Russian nationals, also involved in the scam and working as extras in films.
Valentina Ganesh Kumar, a Russian-born woman, claims she was a mere employee
Alpesh Khara
Believed to be a hawala operator, he allegedly played a critical role in facilitating financial transactions for the foreign nationals involved in the scam. The EOW found that the accused frequently visited his jewellery store, indicating his deep involvement.
Lallan Singh
According to the EOW, Lallan Singh provided seed capital to Torres through a network of shell companies. These funds were instrumental in setting up Platinum Hern Pvt Ltd, the firm under which Torres operated in India. He has a history of criminal cases, including cheating, and is also under investigation by the Enforcement Directorate (ED). The ED found that his companies provided R13.8 crore as initial funding.
The absconding accused named
The charge sheet also names 10 absconding foreign nationals—primarily from Russia, Ukraine and Turkey. They have been identified as:
>> Victoriia Kovalenko
>> Olena Stoian (the mastermind)
>> Imran Javed
>> Mustafa Karakoc
>> Oleksandra Borovyk
>> Oleksandr Zapichenko
>> Oleksandra Brunkivska
>> Oleksandr Tredokhib
>> Artem Oliferchuk
>> Lurchenko Igor
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