Mumbai, January 23: The Mumbai Police’s Economic Offences Wing (EOW) has obtained an Interpol blue corner notice against eight Ukrainian and one Turkish national involved in a INR 1,000 crore Ponzi scheme under the brand name “Torres.” The fraudulent scheme, operated by Platinum Hern Pvt Ltd, targeted approximately 1.25 lakh investors, luring them with promises of high returns through a multi-level marketing (MLM) model.

Key suspects include Ukrainian nationals Olena Stoian, Victoria Kovalenko, and Turkish national Mustafa Karakoc, while company CEO Mohammed Tausif Reyaz, originally from Patna, remains absconding. The EOW has already arrested Torres’ director Sarvesh Surve, general manager Taniya Xasatova, and store manager Valentina Kumar. Alleged hawala operator Alpesh Khara has also been apprehended for converting cash into USDT cryptocurrency to facilitate money laundering abroad. Torres Jewellery Scam: Duped by Ponzi Scheme, Angry Investors Protest Outside Torres Jewellery's Offices in Mumbai and Navi Mumbai, Company Blames CEO Tausif Reyaz and CA Abhishek Gupta (Videos).

Investigations revealed that the accused sent INR 200 crore worth of USDT out of India using illegal channels. Whistleblowers allege the cash collected from Torres’ six branches was handed over to Khara, who used hawala networks to transfer it overseas. Whistleblower emails also claim the accused smuggled 25 kg of gold and 75 kg of silver into India and orchestrated similar frauds in Ukraine and Turkey. Who Is Alpesh Khara, Hawala Operator Arrested in INR 300 Crore Torres Ponzi Scam?

The scheme offered exorbitant returns of up to 500% annually, initially luring investors with luxurious incentives such as iPhones, cars, and apartments. However, payouts began defaulting in late December 2024. On January 6, thousands of duped investors protested at Torres stores across Mumbai, Navi Mumbai, and Thane. FIRs were subsequently filed at multiple police stations, later consolidated under the EOW.

Police have so far frozen assets worth INR 20 crore and received fraud complaints from nearly 4,000 investors amounting to INR 57 crore. Investigators are working to recover the remaining amounts while urging the public to provide information about Reyaz, believed to have played a key role in orchestrating the fraud.

The Torres scam has left many victims financially devastated, with some breaking fixed deposits, mortgaging assets, and taking high-interest loans to invest in the scheme. The EOW is continuing to investigate further leads, including whistleblower claims about international links and broader criminal activities by the accused.

(The above story first appeared on LatestLY on Jan 23, 2025 10:59 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).