Mumbai's ₹1,000 Crore Torres Jewellery Scam Unravels, Revealing Ukrainian Masterminds

The Ponzi scheme defrauded over 1.25 lakh investors with fake gemstones, high-return promises, and a multi-level marketing model.

The Torres Jewellery scam, orchestrated by Ukrainian nationals Viktoriia Kovalenko and Olena Stoin, defrauded investors of ₹1,000 crore through fake gemstones and Ponzi schemes.
The company lured investors with promises of up to 11% weekly returns and distributed counterfeit moissanite stones as part of its fraudulent investment scheme.
Mumbai Police's Economic Offences Wing has arrested three individuals, issued Look-Out Circulars for 10 suspects, and seized assets, including ₹5 crore in cash and 14 luxury cars tied to the scam.
The scheme, which targeted lower-middle-class investors, collapsed when stores abruptly shut down, and key accused fled the country in late December 2024.
Investigators are coordinating with international agencies to track absconding suspects and recover funds, while whistleblower Abhishek Gupta has sought police protection after exposing the fraud.