The Shivaji Park police have so far arrested three people—the director of a jewellery brand, an Overseas Citizen of India (OCI) and a citizen of Uzbekistan—for allegedly duping investors of R13.48 crore through a Ponzi scheme
The accused lured victims with promises of high weekly returns, exclusive offers, and rewards for referrals via a flashy app. An look-out circular (LOC) has been issued against two absconding accused who are suspected to have fled the country
The arrested individuals include Sarvesh Surve, the company director, Valentina Kumari (an OCI national), and Tania Kasatova, an Uzbekistan citizen
Police suspect the fraud’s scale could exceed Rs 700 crore, with statements from victims still being recorded
The scheme targeted investors through a jewellery brand named Torres, which operated six stores in Mumbai, including branches in Dadar, Girgaon, Sanpada, Mira Road, and Kandivli
Investors were lured via the company’s app, “Torres Club,” which displayed investment statuses and promised weekly returns
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