Mumbai: Thousands of investors who pledged their life savings, including homes, shops, jewelry, and hard-earned money, have lost crores in the Torres Jewellery Ponzi scheme. Since February, countless customers poured their funds into what seemed like a lucrative investment, only to face devastating losses. Operating from a showroom in bustling Dadar, a group of Ukrainian nationals masterminded the fraud before fleeing the country. Allegations have surfaced that Shivaji Park Police Station and the Economic Offences Wing (EOW) ignored early warnings that could have prevented the scam.

Whistleblower's Complaint Ignored

Shashikant Kavale, a social activist from Dharavi, first raised red flags in November 2024. He approached Shivaji Park Police Station and the EOW with complaints, highlighting Torres' dubious practices. Kavale observed that customers were being sold substandard gold (2-3 karats) instead of 18-karat gold and questioned how the company could promise a 6% monthly return for 13 months. When he visited the Torres showroom to demand answers, staff refused to provide satisfactory information or disclose their identities.

Despite filing a formal complaint, Kavale claims that API Ashwin Kagale of Shivaji Park Police did not act promptly. "I was kept waiting for two hours and not allowed to meet anyone," Kavale told FPJ. He accused the police of deliberately stalling the inquiry, suggesting their inaction enabled the foreign nationals to escape with investors' money.

In November 2024, Kavale sent multiple letters to various authorities, including the State Human Rights Commission, the Economic Offences Wing (EOW), and police stations in Kalyan, Sanpada, and Nalasopara, to shed light on the scam. On December 9, PI Nitin Patil, in charge of EOW's CB Control Unit 13, summoned him for questioning on December 12, but Kavale missed the meeting. A second summons on December 19 resulted in Police officer Bharat Mane gathering detailed information about Torres from him. Kavale also corresponded with API Kagale, urging action. When contacted by FPJ, API Kagale confirmed that a letter was sent to Torres based on Kavale's complaint, but the company did not respond.

The Torres scam has exposed systemic gaps in law enforcement and regulatory oversight. Critics argue that timely police action could have prevented thousands from losing their savings. Investigations are now underway to trace the absconding suspects and recover the stolen funds, but the damage to victims' financial lives remains immense.

Kavale requested agencies via letter that, in blatant disregard for government regulations, the directors of Platinum Hern Private Limited operating under the brand name TORREES at Vastu Central, J.K. Sawant Marg, Dadar (West), have been accused of orchestrating a large-scale fraud through deceptive marketing practices. The company lured customers into investing in luxury jewelry made of Moissanite Diamonds (a cheaper diamond alternative) and gold jewelry ranging from 2 to 18 karats, using an aggressive network marketing model. Customers were promised returns of up to three times their investment within 13 months, along with expensive cars and gifts through lucky draw coupons. This misleading scheme blatantly violated financial regulations, drawing unsuspecting citizens into a Ponzi-like trap.