Mumbai's Torres Jewellery scam: Investigators find Ukraine link
What's the story
The Economic Offences Wing (EOW) of the Mumbai Police is investigating a major Ponzi scheme involving Torres Jewellery.
The fraud, allegedly masterminded by Ukrainian nationals Artem and Olena Stoin, has reportedly duped some 1.25 lakh investors.
The scheme promised high returns on investments in gemstones, gold, and silver—up to 11% interest—and luxury cars as prizes, to lure investors.
Case registered
Investigation intensifies after sudden store closures
The scam came to light after six Torres stores abruptly shut down after collecting crores in investments.
Subsequently, police filed a case against Platinum Hern Private Limited, the parent company of Torres Jewellery.
The accused include directors, the CEO, the general manager, and a store in-charge, booked for cheating and criminal conspiracy.
Investor complaints
Over 1,500 complaints received from defrauded investors
So far, investigators have received 1,535 complaints from defrauded investors.
A search at the chain's flagship store in Dadar resulted in the seizure of cash, gold, and silver worth around ₹9 crore.
The EOW has frozen bank accounts linked to Platinum Hern Private Limited and is examining documents to reveal more details of the fraud.
Suspects identified
Ukrainian nationals identified as key suspects
The investigation has flagged three Ukrainian nationals—Olena Stoin, Artim, and Viktoriia—as prime suspects.
A Look Out Circular (LOC) will be issued against Olena and Artim, who are suspected to have fled India.
The scheme used exaggerated marketing claims and AI-manipulated videos to implicate the remaining directors and employees as scapegoats in the eyes of the investors.
Warnings ignored
Previous warnings and arrests in Torres jewellery scam
The EOW found that local police had previously suspected fraud but did not take decisive action.
Notices were sent to Torres stores by Shivaji Park police in June 2024 and Navi Mumbai police in October 2024 asking them about their business model.
In November 2024, the Income Tax department summoned Platinum Hern Private Limited under Section 131(1A) of the Income Tax Act for business model and income sources.
Arrests made
Arrests made in connection with the scam
Despite these warnings, the scam continued until it was exposed in January 2025.
Thus far, three people have been arrested in connection with the case, including an Uzbek national and a Russian national.
The investigation is ongoing as authorities work to apprehend other suspects involved in one of Mumbai's largest Ponzi scams in recent years.