Investigation revealed shocking information in Torres Jewellery Scam: EOW urge people urge people to avoid falling for scams that promise high returns

The Torres Jewellery scam has garnered significant attention, with around 2,000 people filing complaints with Mumbai’s Economic Offences Wing (EOW) by Monday. According to an EOW officer, the scam was meticulously planned and orchestrated by a group of Ukrainians, with their primary target being middle-class individuals. These victims were enticed to invest between Rs 40,000 to 50,000.

The EOW investigation has revealed that the key accused in the scam, Olena Stoin and Artem Oliferchuk, managed to flee India during the Christmas period. The escape was reportedly well-coordinated, taking advantage of the festive season when scrutiny and questioning were significantly reduced.

The investigation revealed that arrested individuals Tania Khatasova and Valentina Kumar, visas were set to expire in February, and they were also planning to flee. However, the scam’s exposure and subsequent uproar led to their arrest.

Investigation has identified 14 accused individuals linked to this case.

Of the 14 accused identified so far, 10 are Ukrainian nationals, including Tania, Valentina, Olena Stoin, Artem Oliferchuk, Viktoriya Kovalenko, Oleksandra Borovyk, Oleksandra Zapiichenko, Oleksandra Brunkivska, Oleksandra Tretiukhiv, and Yurchenko Ihor. Their involvement was uncovered through financial transactions traced by the EOW.

Additionally, one accused, Mustafa Karakok, is from Turkey, while three others Tauasif Riyaz, Imran Javed, and Sarvesh Surve are Indian nationals.

EOW has discovered that the crores siphoned through fraud were sent abroad using a single hawala operator. The operator, Alpesh, revealed during questioning that Alex and Taufiq Riyaz approached him for transferring the money. However, the exact destination of the funds remains unclear.

The investigation also uncovered that after the scam was exposed, Ukrainian fraudsters began operating dummy Instagram accounts to mislead victims. These accounts, managed from Ukraine, send private messages to victims, creating the illusion of recovering their money to prevent complaints.

Additionally, during the fraud, the accused used QR codes to deceive customers. When scanned, these QR codes led victims to fake websites with misleading information about the purchased stones, preventing suspicion.

On Monday, EOW raided the Torres showroom in Kandivali.

The Economic Offences Wing (EOW) has secured further custody of two foreign nationals, Tania alias Tazagul Khatasova and Russian national Valentina Kumari, an OCI cardholder, in connection with the case. According to officials, both have been uncooperative during the investigation. Khatasova is believed to play a key role in the scam, as she was previously arrested in 2008 by Sahar Police for using a fake passport under the alias Mariyam Kharakhan Gizi. The EOW is currently verifying details related to that incident.

Kumari is suspected to have been involved in office-related tasks for the scammers, reportedly chosen for her foreign accent and appearance. Officials also revealed that Khatasova has been living in India for several years and has a deep understanding of the operation. During the Maharashtra Assembly elections, ₹62 lakh was seized by Dongri Police, and Khatasova allegedly stepped in to settle the matter.

An EOW officer stated, “The Income Tax Department is investigating how funds, suspected to belong to Torres company, were released.”

Deputy Commissioner of Police (EOW), Sangramsinh Nishandar, issued an advisory: “We urge people to avoid falling for scams that promise high returns. We also encourage investors defrauded in the Torres scam to come forward and file complaints.”

So far, assets worth ₹20 crore have been seized, including ₹11 crore in cash, ₹1.20 crore worth of stones, and ₹1.50 crore worth of gold and silver.​