<p>An official said that the Mira-Bhayandar, Vasai-Virar police on Saturday arrested three persons for their alleged association with the jewellery company that owns the <a href="https://www.mid-day.com/mumbai/mumbai-crime-news/article/torres-scam-police-arrest-director-and-two-foreign-nationals-23460728" target="_blank" rel="none noopener">Torres brand</a>, reported news agency PTI.</p>
<p>The jewellery company is accused of cheating investors of crores of rupees through a combination of Ponzi and multi-level marketing (MLM) schemes.</p>
<p>The official from the <a href="https://www.mid-day.com/mumbai/mumbai-news/article/torres-scam-shivaji-park-police-did-nothing-despite-knowing-about-it-in-june-23462047" target="_blank" rel="none noopener">Navghar police station</a> said that offences have been registered against the management and staff of the company in connection with the Torres scam, reported PTI.</p>
<p>The Mumbai police's Economic Offences Wing has carried out raids in <a href="https://www.mid-day.com/mumbai/mumbai-crime-news/article/torres-scam-customers-were-lured-with-cars-bikes-and-iphones-23461404" target="_blank" rel="none noopener">Colaba</a>, Dadar and Dombivali and confiscated important documents, investment papers as well as cash as part of its probe into the alleged Torres scam, reported PTI.</p>
<p>Earlier, a Mumbai police official had said that the magnitude of the scam had reached Rs 18.5 crore and was expected to rise further.</p>
<h2>Police arrest director and two foreign nationals</h2>
<p>The Shivaji Park police have arrested three people&mdash;the director of a <a href="https://www.mid-day.com/mumbai/mumbai-crime-news/article/torres-scam-ceo-says-he-blew-the-lid-off-the-fraud-and-even-alerted-the-police-23461406" target="_blank" rel="none noopener">jewellery brand</a>, an Overseas Citizen of India (OCI) and a citizen of Uzbekistan&mdash;for allegedly duping investors of Rs 13.48 crore through a Ponzi scheme. The accused lured victims with promises of high weekly returns, exclusive offers, and rewards for referrals via a flashy app. An look-out circular (LOC) has been issued against two absconding accused who are suspected to have fled the country.<br />&nbsp;<br />The arrested individuals include Sarvesh Surve, the company director, Valentina Kumari (an OCI national), and Tania Kasatova, an Uzbekistan citizen. Police suspect the fraud&rsquo;s scale could exceed Rs 700 crore, with statements from victims still being recorded.</p>
<p>The scheme targeted investors through a jewellery brand named Torres, which operated six stores in Mumbai, including branches in Dadar, Girgaon, Sanpada, Mira Road, and Kandivli. Investors were lured via the company&rsquo;s app, &ldquo;<a href="https://www.mid-day.com/mumbai/mumbai-crime-news/article/investment-scam-mumbais-torres-jewellery-director-4-others-booked-in-fraud-case-23460093" target="_blank" rel="none noopener">Torres Club</a>,&rdquo; which displayed investment statuses and promised weekly returns.</p>
<p>The Shivaji Park police revealed that Sarvesh Surve&rsquo;s identification documents were used to make him the company director and beneficiary. The other two arrested women were employees. An LOC has been issued against two absconding accused.&nbsp;</p>
<p>Interestingly, the Torres app now displays a notice claiming its employees looted their shops. The notice urges investors to register complaints against an individual named Abhishek, allegedly involved in a robbery at one of their branches. Torres has promised to return the investors&rsquo; money, but the claims remain unverified. Five individuals have been booked under relevant sections of the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999.</p>
<p><strong>(With inputs from PTI)</strong></p><p>
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