Maharashtra Orders ₹18-Crore Asset Attachment in Torres Ponzi Scam
The Maharashtra government has ordered the attachment of properties and assets worth nearly ₹18 crore linked to the Torres ponzi scam, which operated jewellery outlets across Thane, Mumbai, Navi Mumbai, and Mira Bhayandar.
The Torres jewellery brand was operated by parent company Platinum Hern Pvt Ltd. The multi-crore scheme duped more than 1 lakh investors by promising unrealistic returns on investments in gemstones and jewellery.
The fraud surfaced in late 2024 after payouts stopped and Torres retail outlets abruptly shut down, prompting aggrieved investors to approach the police. While law enforcement authorities have made more than ten arrests in the case, the scheme’s Ukrainian masterminds fled overseas.
According to the police, formal complaints have been lodged by 14,157 investors under various schemes promoted by Torres stores, alleging that they were defrauded of a total of ₹142.58 crore.
Under a government order dated July 28, authorities directed the attachment of 24 bank accounts registered in the names of Platinum Hern Pvt Ltd and several linked individuals and business entities. The named persons and entities include Sarvesh Surve, Tazagul Khasatova, Karaxanovaa Xasatova, Tanya Xasatova, Mohammad Tausif Riyaz, Alpesh Khara, A and A Jewellry, Prisah Advisory Private Limited, Prisah Finance and Investment INC, Miracle, Lallan Jameedar Singh, Astrozen Pharmaceuticals Private Limited, Mulund Online Services, and Sunil Restaurant and Bar.
The assets to be attached comprise ₹9.58 crore in cash seized during police searches across 13 locations, including showrooms, offices, and residential premises. Authorities have also seized 3.89 kg of gold valued at approximately ₹3.79 crore, 85.18 kg of silver valued at ₹88.68 lakh, and 33,326 precious stones worth around ₹1.53 crore. Additionally, furniture, electronic equipment, and other articles worth ₹2.19 crore are subject to attachment.
The proceedings are being executed under sections 4(1) and 5(1) of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 (MPID Act). The company and associated individuals face charges under relevant sections of the Bharatiya Nyaya Sanhita, 2023, and the MPID Act for cheating investors.
A senior home department official stated that a deputy collector has been appointed to assess the valuation of all attached properties. Once clearance is granted by the court, the assets will be auctioned to recover and distribute funds to defrauded investors.
