The arrested individuals include Sarvesh Surve, the company director; Valentina Kumari (an OCI national), and Tania Kasatova, an Uzbekistan citizen

Surve, the company director, arrested by the cops. Police suspect that the fraud’s scale could exceed Rs 700 crore

The scheme targeted investors through a jewellery brand named Torres, which operated six stores in Mumbai, including branches in Dadar, Girgaon, Sanpada, Mira Road, and Kandivli

Investors outside Shivaji Park police station. The investors were lured via the company’s app, Torres Club, which displayed investment statuses and promised weekly returns

Investor accounts

Janardhan Gawandi, an investor, said they trusted the scheme as they were receiving regular returns until December “...but suddenly, they shut operations, and we are panicking”

Pradeep Vaishya, a vegetable vendor and the complainant in the case was duped of Rs 4.5 crore

Faizan Khan, another victim, shared, “Each moissanite stone had a return rate. When targets were met, we received coupons. They called us their brand ambassadors during their seminars offline and on YouTube, but now they’ve absconded, and their shops are shut”

Kirit Somaiya BJP leader meeting investors gathered outside the Torres Jewellery office in Dadar

In a post on X, Somaiya wrote, “I visited Torres Dadar Showroom. Met Small Investors. I also visited Shivaji Park Police Station. 70 complaints received of Rs 70 crores. It seems the Scam could cross Rs 1000 crores”

Police investigation

The Shivaji Park police revealed that Sarvesh Surve’s identification documents were used to make him the company director and beneficiary. The other two arrested women were employees. An LOC has been issued against two absconding accused

A police official stated, “We suspect the scam to be worth Rs 700 crore, and the amount may increase as more victims come forward to register complaints”

Torres’s claims

The Torres app now displays a notice claiming its employees looted their shops. The notice urges investors to register complaints against an individual named Abhishek, allegedly involved in a robbery at one of their branches

Torres has promised to return the investors’ money, but the claims remain unverified. Five individuals have been booked under relevant sections of the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999