Mumbai EOW Raids Six Locations in Rs 1,000 Crore Torres Scam

The Economic Offences Wing (EOW) of the Mumbai Police conducted raids at six locations as part of its investigation into the multi-crore fraud involving Torres Company. The raids were carried out at the company’s offices in Dadar, NM Joshi Marg, Opera House, and DB Marg, as well as at the residences of two accused in Colaba and Dombivli.

During the operation, EOW officials seized Rs 2.5 crore in cash from Torres’ Dadar office and the residence of one of the accused, Taniya Kasatova, a citizen of Uzbekistan. The cash was counted using machines, and other incriminating documents were also recovered. The second raid targeted Valentina Ganesh Kumar, a Russian national residing in Dombivli, and another accused, Sarvesh Surve, in Umerkhadi.

According to EOW sources, the scam appears to be linked to a similar fraud carried out in Ukraine and Russia in 2019. Fugitive accused Tausif Riaz has submitted an 182-page report implicating the same individuals who orchestrated a $250 million (Rs 2,000 crore) Ponzi scheme that duped over 600,000 investors in Ukraine, Russia, and Kazakhstan. The Torres scam mirrors the modus operandi of the earlier fraud, with Torres allegedly running a Ponzi scheme under the guise of a jewelry business.

The investigation revealed that three foreign nationals Valentina Kumar, Taniya Kasatova, and Viktoria Kovalenko used fake IDs to procure Indian SIM cards. These SIMs, sourced via Nepal, were purchased for over Rs 12,000 each. Two of the accused are already in custody, and further investigations are ongoing.

EOW suspects that Torres Company was not only running a Ponzi scheme but also involved in large-scale tax evasion and money laundering. A letter from Sarvesh Surve, one of the arrested accused, claims he joined the company as a director under the pretext of starting a retail jewelry business in India. He has denied involvement in the company’s daily operations, a claim currently under investigation.

EOW Probes Torres’ Social Media Activity

EOW is also investigating the company’s Instagram account, which has been used to lure victims through misleading posts and videos. The Cyber Cell is assisting in tracing the origins of the content and identifying individuals operating the account.

Bank Accounts and Allegations

Three bank accounts linked to Torres Company have been frozen, and the EOW is working to identify other accounts involved in the scam. While official estimates peg the fraud at Rs 23 crore, investigators believe the scam may exceed Rs 1,000 crore as more victims come forward.

In his letter to the EOW, Sarvesh Surve made startling allegations, stating that Torres Company began operations in India on April 7, 2023. He alleged the company offered customers high bonuses, cashback, and returns ranging from 200% to 600% to attract investments. Instead of genuine jewelry, customers were given low-quality moissanite stones.

Surve also accused the company of conducting Rs 13.76 crore worth of fake loan transactions. He claimed a man named Lallan Singh handled these transactions using USDT (Tether) cryptocurrency. Surve alleged that on December 27, 2024, he was coerced into signing documents at the company’s Lower Parel office and was threatened with death if he refused.

Furthermore, Torres Company allegedly imported over 75 kilograms of silver and 25 kilograms of gold illegally from Turkey to India, according to Surve’s statement.

EOW Uncovers Complex Scam

The ongoing investigation underscores the scale and sophistication of the Torres scam, which has left hundreds of investors defrauded. The EOW has urged the public to remain cautious and report any suspicious activities as it continues to unravel the full extent of the fraud.