Glitz to Gloom: Torres Jewellery Scam Exposes ₹700-Crore Ponzi Fraud

Mumbai, India: The Shivaji Park police have arrested three individuals in connection with the ₹13.48 crore Torres jewellery Ponzi scheme, which targeted investors with promises of high returns, exclusive offers, and lucrative rewards for referrals through the “Torres Club” app. The accused include Sarvesh Surve, the director of the jewellery brand, Valentina Kumari (an OCI national), and Tania Kasatova, an Uzbekistan citizen. A lookout circular (LOC) has been issued for two absconding suspects believed to have fled the country.

The fraud was operated via Torres Jewellery, which had six stores across Mumbai in Dadar, Girgaon, Sanpada, Mira Road, and Kandivli. Investors like Pradeep Vaishya and Janardhan Gawandi revealed how promises of 10% weekly returns and gifts like flats drew them into the scheme. Victims now fear losses totaling up to ₹700 crore as more complaints are being registered.

Investors outside the closed Dadar store and Shivaji Park police station expressed anger and panic. An app notice claims "employees looted shops" and promised refunds, but no verifications are in place yet. The police investigation continues under the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999.