Jewellery Scam Unraveled: A Fraud Rocking Mumbai's Investment Scene

The Enforcement Directorate uncovered a massive investment scam linked to Mumbai's Torres Jewellery group, seizing bank deposits worth over Rs 21 crore. Over 3,700 investors reported being defrauded. Key arrests have been made, including foreign nationals involved in the fraudulent schemes promising high returns on synthetic gemstones and jewellery investments.

The Enforcement Directorate (ED) has exposed a large-scale investment fraud orchestrated by the Mumbai-based Torres Jewellery group, seizing over Rs 21 crore in bank deposits during recent raids. With more than 3,700 victims, the scam has left investors shattered and authorities scrambling for justice.

This week's raids spanned 13 locations in Mumbai and Jaipur, targeting Platinum Hern Private Limited, the company behind Torres Jewellery. The company is accused of luring investors with promises of lucrative returns on investments in jewellery and precious stones, including synthetic moissanites at inflated prices.

The crackdown follows a wave of complaints to Mumbai police, with the overall fraud estimated at over Rs 57 crore. Authorities have arrested three top executives: Tazagul Xasatov, Valentina Ganesh Kumar, and Sarvesh Surve. Further investigations reveal intertwined transactions with dummy entities and misleading promotional strategies.

(With inputs from agencies.)