The Economic Offences Wing (EOW) is set to summon two suppliers from SEEPZ for questioning in connection with the Torres multi-crore scam. | File Photo
In a fresh revelation in the ₹1000 crore Torres scam case, investigators have uncovered that Torres not only promised returns on fake moissanite diamonds but also ran a parallel scheme selling counterfeit gold under the guise of lucrative gold investment plans. The fraudulent operation allegedly sourced low-cost imitation stones from SEEPZ (Santacruz Electronics Export Processing Zone) in Andheri, Mumbai, and marketed them as high-quality moissanite or precious stones.
The Economic Offences Wing (EOW) is set to summon two suppliers from SEEPZ for questioning in connection with the Torres multi-crore scam. Investigations have revealed that these suppliers were key sources for the moissanite stones used by Torres Company to dupe investors under the guise of high-quality diamonds.
Torres Scam: Internal Feud Exposes Multi-Crore Fraud in Mumbai
The Economic Offences Wing (EOW) of Mumbai Police, investigating the multi-crore scam involving Torres Company, has made a significant revelation. According to the EOW, the scam came to light on January 5, 2025, after a major clash between the management, employer, and employees of Torres over financial discrepancies. Some employees, frustrated by unpaid salaries and the suspected collapse of the company, approached the Shivaji Park Police Station, leading to an investigation that unearthed the massive fraud.
An EOW official revealed that the dispute began with heated email exchanges among directors over missing funds. Employees, aware of the escalating situation, discovered that many key figures had fled the country, signaling the company’s imminent closure. Tensions boiled over when management summoned all employees to a conference room, where a fierce altercation erupted. Following the clash, several staff members reported the matter to the police, initiating the first step in exposing the fraud.
Tania, one of the accused, is proficient in Hindi and Marathi and has been living in Mumbai for the past 17 years. Both Tania and Valentina Kumar have claimed to the police that they are translators and have no connection to the scam. They asserted that they work as translators, converting Russian language from Ukrainian into English.
The investigation revealed that the scam centered around moissanite stones, sourced from Jaipur and SEEPZ (Mumbai). These stones, valued at around ₹300, were fraudulently marketed as high-grade diamonds for ₹40,000 to ₹50,000. The EOW has recovered 3,000 fake stones so far. The masterminds behind the scam, identified as Ukrainian nationals Oleno Stoina and Victoria Kovalenko, fled from India in late December during Christmas vacation.
Stoina was initially listed as the primary director when the company launched in February 2024, but soon resigned, handing over control to Kovalenko. Despite her resignation, Stoina frequently traveled to Mumbai, staying in luxury hotels. The EOW is preparing to issue a Lookout Circular (LOC) against her. Investigators suspect that most of the funds were transferred abroad via hawala, and efforts are underway to trace the destination of these transactions.
ED Enters the Probe:
The Enforcement Directorate (ED) has also launched a parallel investigation, requesting case files from the EOW. Sources confirm that the EOW has shared relevant documents. ED officials visited the Mumbai Police office on Friday for further details. With over ₹1,000 crore involved and international money trails, the case is likely to be taken over by the ED soon.
Shivaji Park Police Under ACP Inquiry:
The fallout from the multi-crore Torres scam has now reached the Shivaji Park Police Station, which is under scrutiny for its role in the case. A senior Assistant Commissioner of Police (ACP) will lead the inquiry to determine lapses in handling the matter. Sources reveal that Shivaji Park police had issued summons to Torres management as early as June 2024 to gather details about the company’s business model. Despite this, the massive fraud went unnoticed for months. The police station’s inaction and whether proper investigations were conducted are now key points of the inquiry. The inquiry will focus on whether procedural lapses or negligence contributed to the delay in uncovering the scam.
