EOW sends ‘jewels’ presented to investors for lab tests that confirms them as worthless
Page on the website that directs customers to verify the authenticity of the stones; (right) Pictures of the diamonds and stones from the fake website created by the Ukrainian scammers
The Economic Offences Wing (EOW) investigating the Torres scam informed the court that the diamonds and stones sold to thousands of investors were fake. They established this during the initial stages of the investigation, while detailed reports on the gold jewellery are still awaited.
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Officials revealed that stones worth Rs 500 to Rs 1000 were sold at exorbitant prices in the guise of high-value gems. Most of the victims, primarily from the lower middle class, were duped using certificates displayed on a website, gra-gems.com, which was allegedly created by Ukrainian scammers. The three accused arrested in the case were produced before the court, and their custody has been extended for further investigation by the EOW.
Sarvesh Surve, an accused in the Torres investment scam, arrested by the police. Pic/Ashish Raje
The EOW has discovered that the scam was a well-organised Ponzi scheme orchestrated by Ukrainians, primarily targeting the Indian lower middle class who could invest amounts between R40,000 and R50,000. The scammers created a website displaying details of the stones being sold, along with certificates provided to customers. Each certificate contained a unique number that could be scanned using a smart card, showing the stone’s details to reassure buyers.
“Every customer was given identical smart cards with a scanner code. Even after the scam, the cards allowed customers to check the stone details for added satisfaction. In reality, the authenticity of such stones and diamonds is certified internationally by organisations like the GIA [Gemological Institute of America] and IGI [International Gemological Institute],” an officer explained.
Pictures of the diamonds and precious stones from the fake website created by the Ukrainian scammers
‘Many accused have fled’
According to the EOW, 11 foreign nationals involved in the case are currently absconding, and look-out circulars (LOCs) have been issued against them. However, most of them appear to have already fled the country. The EOW has identified Olena Stoian as the mastermind behind the scam, with several associates working under her, including one Artem (full name unavailable).
“The scammers seemed to have meticulously planned the operation and were supposed to flee the country during Christmas, as per their strategy. The visas of those who have fled are set to expire within the next month, suggesting that their plan was to conclude the scam by the end of 2024 and leave during the Christmas period, a time when their departure would seem less suspicious,” an EOW officer said.
Viktoriia Kovalenko, a Ukrainian national allegedly involved in the Torres investment racket
According to the EOW, the two foreign nationals arrested in the case—Tania alias Tazagul Khatasova and Russian national Valentina Kumari (an OCI cardholder)—have been remanded to further custody by the court. Officials stated that both accused were not cooperating with the investigation. Khatasova, in particular, is suspected to be a key figure, as she was previously arrested in 2008 by Sahar police for possessing a fake passport under the alias Mariyam Kharakhan Gizi. The EOW is verifying details related to that case.
Kumari, on the other hand, appears to have been used by the scammers for office-related work due to her foreign accent and appearance. Officials revealed that Khatasova has been living in India for many years and seems to have an extensive understanding of the operations. During the Maharashtra Assembly elections, Rs 62 lakh was seized by Dongri Police, and Khatasova allegedly intervened to settle the matter.
“The income tax department is looking into how money that is suspected to belong to the Torres company was released,” an EOW officer stated.
So far, 2000 complainants have come forward, reporting a total fraud amount of Rs 38 crore. The EOW has seized items and cash worth Rs 21 crore, including 11 Toyota Glanza cars.
“People are advised not to fall prey to scams promising hefty returns. We also appeal to the investors of the Torres scam to come forward and lodge complaints with us,” said Sangramsinh Nishandar, DCP, EOW.
Rs 38cr
Amount of money victims were duped of
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