Management-Employee Clash Leads to Exposure of Rs 1,000-Crore Torres Jewellery Scam

The Mumbai Police’s Economic Offences Wing (EOW) has revealed that a ₹1,000-crore scam involving the Mumbai-based Torres Company came to light following a dispute between the company's management and employees on January 5, 2025.

The dispute began over financial transactions and escalated when some employees discovered that the company was on the verge of shutting down. Many management officials had already fled the country, prompting employees to demand their pending salaries and refunds for investors.

The situation spiraled out of control during a heated meeting between the management and employees in the conference room. Following the altercation, some employees approached the Shivaji Park Police Station, leading to a preliminary investigation that uncovered the massive fraud.

Investigations revealed that the accused used moissanite stones, purchased from Jaipur and SEEPZ for just ₹300, to dupe investors by selling them for ₹40,000 to ₹50,000. The EOW has seized 2,000 such stones during the probe.

The primary masterminds behind the scam have been identified as Ukrainian nationals Olena Stoin and Viktoria Kovalenko. Both women fled India in December 2024. Olena was initially the main director of the company when it was established in February 2024 but later resigned, passing the reins to Viktoria. The EOW is preparing to issue a Look Out Circular (LOC) against Olena Stoin.

The EOW has discovered that a significant portion of the defrauded money was transferred overseas via hawala channels. Efforts are underway to identify the countries where the funds were sent. The accused reportedly fled Mumbai after securing these transactions.

The Enforcement Directorate (ED) has also initiated a parallel investigation into the case. According to sources, the ED has sought and received all relevant documents from the EOW. On Friday, ED officials visited the Mumbai Police office to gather additional information.

Given the scam’s international links and its sheer scale, there is a possibility that the case may be transferred entirely to the ED.

This high-profile case has sent shockwaves across the financial sector, with authorities emphasizing their commitment to bringing the culprits to justice.