Mumbai’s Torres Company Fraud Scandal Escalates to Rs 1,000 Crore, Over 1,000 Victims Involved

A major breakthrough has been made in the Torres Company fraud case, what was initially reported as a Rs 13 crore scam has now ballooned to over Rs 1,000 crore, according to an audit report. The company allegedly transferred over Rs 300 crore abroad via the angadia system, and the fraud was uncovered by Chartered Accountant Abhishek Gupta, who was conducting the company’s audit in November 2024. Gupta discovered multiple financial irregularities and alerted senior police officials on January 3, 2024.

The case took a dramatic turn on January 5, when a group of investors gathered outside the Torres Company office in Dadar, demanding answers after the fraud was made public.

Key Details of the Scam:
• Fraud Amount: Over Rs 1,000 crore
• Mode of Operation: Illicit international money transfers via the angadia system
• Timeline: Torres Company was founded in February 2024, with fraudulent activities beginning in June 2024

So far, more than 1,000 victims have filed complaints with the Shivaji Park Police Station and the Economic Offences Wing (EOW), and the number is expected to rise, suggesting the scam could be even larger than initially believed.

The company’s board included Sarvesh Surve, who reportedly had no knowledge of his position despite receiving a salary of Rs 22,000, and Victoria Kovalenko, a Ukrainian national who is currently absconding. Lookout notices have been issued for CEO Taufiq Riaz (alias John Carter) and Victoria Kovalenko.