Mumbai: The Economic Offences Wing (EOW) of the Mumbai Police has uncovered fresh details in the multi-crore Torres Company scam that duped thousands of investors. Investigations have revealed that the Ukrainian fraudsters behind the scheme spent a staggering ₹25 crore to establish their fraudulent business in Mumbai. This expenditure included renting a prime showroom in Dadar, purchasing furniture and diamonds, and making initial payments to lure investors. EOW officials are probing the source of these funds while interrogating the three suspects in custody.
Masterminds Planned Christmas Escape: The investigation revealed that the key masterminds, Olena Stoion and Artem Oliferchuk, carefully planned their escape, choosing Christmas to take advantage of the holiday season’s reduced scrutiny. Arrested suspects Tania Kasatova and Valentina Kumar admitted that their visas were set to expire in February 2025, and they had planned to flee before the deadline. However, the scam’s exposure trapped them in India. Their statements led to the identification of 11 additional suspects, prompting the EOW to issue Look-Out Circulars (LOCs) to prevent further escapes.
14 Suspects Identified, 10 Ukrainians Involved: The EOW’s investigation has so far identified 14 suspects, including 10 Ukrainian nationals. Among the key accused are Olena Stoion, Artem Oliferchuk, Victoriia Kovalenko, Olenksandra Borovyk, Olenksandra Zapichenko, Oleksandra Brunkivska, Oleksandra Tredokhib, and Iurchenko Igor. Indian nationals include Taufik Riyaz, Imran Javed, and Sarvesh Surve, while another suspect, Mustaf Karakoc, is from Turkey. Bank transaction trails helped investigators trace the suspects.
Fake Aadhaar Cards and Hawala Links: Authorities discovered that the Ukrainian scammers are seasoned fraudsters with a history of global scams. They secured fake Aadhaar cards with the help of Imtiaz, who introduced them to Taufik Riyaz, a key figure in establishing Torres. Investigators have also linked the scam to a hawala network. EOW officers are questioning hawala operator Alpesh, who admitted handling cash transfers for Alex and Taufik Riyaz, though the final destination of the money remains unknown.
Fraudsters Misleading Victims via Instagram: The investigation uncovered attempts by the Ukrainian suspects to deceive victims using dummy Instagram accounts. Operated from Ukraine, these accounts sent private messages, falsely promising returns to prevent victims from filing complaints. The scammers also misled customers with a QR code trick, which redirected them to a fake website displaying deceptive information about purchased diamonds and stones, preventing immediate suspicion.
Kandivli Showroom Searches and Over ₹20 Crore Seizure: On Monday, the EOW raided the Torres showroom in Kandivli, seizing over ₹20 crore worth of assets. The haul included ₹11 crore in cash, ₹1.20 crore worth of stones, and ₹1.50 crore in gold and silver. Investigators have received 1,916 complaints, estimating the total scam at ₹39 crore. Ten to twelve laptops and other digital devices have also been seized for further investigation.
