Mumbai: Interpol has issued blue corner notices against eight foreign nationals allegedly involved in the Rs.1,000 crore Torres Jewellery scam, which defrauded over 100,000 investors. The notices, secured with assistance from the Central Bureau of Investigation (CBI), target seven Ukrainian nationals and one Turkish national believed to be key players in the fraudulent operation.
Details of the Fraud
Authorities allege that Torres Jewellery lured investors by promising weekly returns as high as 6% and providing artificial stones. Operating six stores across the Mumbai Metropolitan Region, including its flagship outlet in Dadar, the company gained significant traction, especially during the 2024 Christmas season, when it increased promised returns to 11%.
Interpol Blue Corner Notices
The blue corner notices were issued for the following individuals:
- Olena Stoian: Director of Platinum Hern Private Limited, the company operating Torres Jewellery.
- Viktoriia Kovalenko
- Mustafa Karakoc: The sole Turkish national.
- Ukrainians: Oleksandr Borovyk, Oleksandr Zapichenko, Oleksandra Brunkivska, Oleksandra Tredokhib, Artem Oliferchuk, and Lurchenko Igor.
A blue corner notice is used by Interpol to collect information about a person’s identity, location, or activities in connection with a criminal investigation. Once sufficient evidence is gathered and a charge sheet is filed, these notices could escalate to red corner notices, which seek the arrest or extradition of individuals.
Arrests Made So Far
The Mumbai Police have already arrested several key figures involved in the scam, including:
- Taniya Xasatova (aka Tazagul Karaxanova Xasatova): General Manager, a citizen of Uzbekistan.
- Sarvesh Surve: Company director.
- Valentina Ganesh Kumar: Store manager of Russian origin.
- Alpesh Khara: Alleged hawala operator.
Modus Operandi
Torres Jewellery started operations in February 2024, rapidly gaining investors’ trust by showcasing extravagant stores and promising unusually high returns. The scheme reached its peak during the festive season when it aggressively marketed its offerings. Investors, enticed by the promise of quick profits, poured funds into the fraudulent scheme, only to realize later that the returns were unsustainable.
Next Steps
The blue corner notices will assist Interpol member countries in tracking the suspects’ movements and activities. The Mumbai Police, in collaboration with the CBI, aims to file a comprehensive charge sheet and may escalate the notices to red corner status to facilitate extraditions.
Conclusion
The Torres Jewellery scam highlights the dangers of fraudulent investment schemes and the need for vigilance among investors. Authorities continue to investigate the case to bring all culprits to justice and recover defrauded funds.
