Archive · 2 Jun 2025
Thane Police Urges Victims to Report Torres Investment Scam
Imagine a jewelry shop called Torres that promised people big money if they invested.
They tricked over 1,400 people in Thane and possibly more in other cities like Mumbai.
The owners of the shop made false promises to get people to invest in their schemes.
People made purchases and were told they would get a lot of money back, but they never did.
The police are now investigating and asking anyone who was tricked to report it.
The people who were tricked lost more than 11 crore rupees.
Police have arrested some people, and the investigation continues to find everyone involved.
Thane police are investigating a multi-crore investment fraud involving Torres, a jewellery brand.
The Economic Offences Wing (EOW) is urging defrauded investors to file formal complaints.
The scam, which came to light in January, has affected over 1,400 investors in Thane.
The total amount conned from investors in Thane is estimated to be over ₹11 crore.
An FIR has been registered against the jeweller shop at Rabodi police station.
- Who
- Investors, Tausif Riyaz (CEO of Platinum Hern Pvt Ltd), Victoria Covalanco, Sarvesh Surve, Abhijit Gupta, and others.
- What
- A multi-crore investment fraud involving a jeweller shop operating under the brand name Torres.
- When
- January (scam came to light), May 30 (police urged victims to file complaints)
- Where
- Thane, Mumbai, and other cities.
- Why
- The accused lured customers to invest in schemes promising lucrative returns that never materialized.
Accused
Accusers
Fraudulent Schemes
Accused
No information from the articles
Accusers
The jewelry company is accused of defrauding investors through a combination of Ponzi and multi-level marketing (MLM) schemes, promising high returns that were never delivered.
- Scam Name
- Torres Investment Fraud
- Location
- Thane, Mumbai
- Accused
- Tausif Riyaz, Victoria Covalanco, Sarvesh Surve, Abhijit Gupta
- Estimated Amount Conned
- Over ₹11 crore in Thane
- Number of Investors Duped
- Over 1,400 in Thane
- FIR Registered At
- Rabodi police station