Mumbai: Three senior executives of a private jewellery firm, including two foreign nationals, were arrested on Tuesday evening for allegedly defrauding investors of ₹13.48 crore. The accused had lured victims with promises of high returns on investments, police said.
The firm, Platinum Hern Pvt Ltd, which operates under the ‘Torres’ jewellery brand, is at the centre of the scam. The arrested individuals have been identified as Sarveh Ashok Surve, a director of the company and a resident of Umerkhandi in South Mumbai; Tania alias Tazagul Karaxanovna Xasatova, a Uzbek national and the firm’s general manager; and Valentina Ganesh Kumar, a Russian citizen who served as the store in-charge.
Surve, a former Aadhaar card operator, played a key role in the company, while Xasatova and Kumar managed operations. The trio was arrested by officials from the Shivaji Park Police Station in Dadar, which is investigating the case. They were produced before a local court and remanded in police custody until January 13.
Authorities are still searching for two other suspects: Victoria Covalenko and the company’s CEO, Taufiq Riyaz, also known as John Carter.
How the Scam Unfolded
The accused allegedly duped hundreds of investors by offering them lucrative returns on investments in the firm’s jewellery brand. They encouraged people to purchase moissanite stones from Torres stores, promising a 6% weekly return on their investments. After buying the stones, investors were persuaded to invest further in the brand.
The scam came to light on Monday evening when hundreds of investors gathered outside the Torres store in Dadar’s Torres Vastu Centre building. The investors were protesting after the company stopped paying the promised returns. Similar protests erupted at other Torres branches as more victims realized they had been cheated.
Complaints and Investigation
The case was initiated based on a complaint filed by a 30-year-old vegetable seller from Khar. The complainant had invested money between June and December 2024 after being assured of high returns. During the investigation, 66 investors came forward, revealing that the total amount defrauded was approximately ₹13.48 crore.
Journalists Assaulted During Protest
On Monday, over 300 investors gathered outside the Dadar store demanding their money back. During the protest, two TV journalists—Vishwanath Savant and Sachin Kubade, who work for a regional news channel—were assaulted by a group of individuals who asked them to leave the area. The attackers also damaged a video camera belonging to one of the journalists.
Police have registered a separate case in connection with the assault and have detained five individuals, including a woman.
The investigation into the scam is ongoing, with authorities working to trace the remaining accused and recover the defrauded funds.
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