MUMBAI: The massive ₹1,000-crore investment scam involving Torres Jewellery has taken a dramatic turn, with revelations that the company’s head accountant, Abhishek Gupta, was the one to initially blow the whistle. Gupta had filed complaints with authorities, including the Mumbai Police and the Enforcement Directorate (ED), alleging fraudulent practices within the jewellery chain. However, despite his alerts, law enforcement’s delayed response allowed the main accused to flee before a planned raid.
Gupta had raised concerns as early as December 30, and despite his efforts to meet with officials, the authorities did not act in time. He claims that the accused managed to escape just before a raid was set to take place at the company’s Sanpada store. Furthermore, Gupta has been receiving threatening calls, prompting him to seek police protection. He approached the Shivaji Park police station on Wednesday, after reporting the threats to Byculla police the previous night.
However, the situation has become more complicated, as Torres Jewellery now accuses both Gupta and the company’s CEO, Tausif Riyaz, of involvement in vandalizing and robbing the stores, which has sparked discontent among the company’s investors.
The police are currently investigating whether Gupta’s complaints were entirely genuine or if he might be attempting to cover his own tracks amid the scandal.
Ponzi Scheme Allegations
The police have uncovered suspicions that Torres Jewellery was running a Ponzi scheme, promising high returns to investors. Despite growing concerns, the company continued accepting funds until Sunday morning, even as the fraud began to unravel. The police are gathering evidence for raids and investigating who is operating the company’s social media accounts, which continue to remain active.
The company’s six showrooms reportedly operate from rented premises, and authorities have seized several bank accounts and lockers as part of their investigation. Key arrests have been made, including Sarvesh Ashok Surve, director of Platinum Hern Pvt Ltd, Tania Kasatova, a general manager and Uzbek national, and Valentina Ganesh Kumar, a Russian national married to an Indian. Both Kasatova and Kumar held significant positions within the company.
The investigation has revealed that Torres Jewellery had plans to expand internationally, with showrooms intended for Sri Lanka. BJP leader Kirit Somaiya has raised concerns that the scam could involve up to 1.25 lakh victims, with the total fraud exceeding ₹1,000 crores.
A lookout circular has been issued against the main accused, and the police are actively continuing their probe into the company’s finances and online activities.
This news report is curated with insights from multiple reliable news sources.
