Torres Jewellers scam involves fraudulent cash investment scheme

Mumbai's Economic Offences Wing (EOW) has filed a chargesheet in the Torres Jewellers scam. The document reveals that the accused lured investors by promising 2% higher returns for cash investments. This strategy was part of a broader scheme to misappropriate the invested funds. The chargesheet claims the suspects discouraged online payments by citing slow internet or network problems. This forced investors to make cash deposits, which are illegal. The company, Platinum Hern Pvt Ltd, is not registered as a Non-Banking Financial Company, meaning it cannot accept deposits legally. An initial police report was filed on January 6 after complaints surfaced about an investment fraud involving Rs 13.48 crore. The chargesheet, which is over 27,000 pages long, names several individuals linked to the case. Notable names include Taniya Xasatova, Valentina Kumar, and Sarvesh Surve, among others. Witness statements also provided insight into the operations of the accused. Mobile phone dealers testified that the suspects bought devices worth Rs 5 crore. The investigation continues as authorities seek to unravel the details of this alleged fraud.