Daijiworld Media Network – Mumbai
Mumbai, Jan 12: In a shocking revelation, two Ukrainian nationals, Artem and Olena Stoin, have been identified as the masterminds behind the Torres jewellery Ponzi scam, which has defrauded hundreds of investors in Mumbai. The Economic Offences Wing (EOW) of the Mumbai police is actively investigating the scam, with the Stoin couple allegedly playing a central role in orchestrating the fraudulent scheme, which promised substantial returns on investments in gemstones, gold, and silver.
According to sources, the Stoin duo devised a plan to attract investors by offering high returns, including the distribution of luxury cars as prizes through a lucky draw, further luring people into the scam. Investigators are now focusing on these cars, which were allegedly used as an enticement to bring in more investors.
The scam came to light when six Torres jewellery stores abruptly shut down last week, leaving investors in shock and dismay. The stores, which had collected crores in investments by promoting the scheme, were found to have deceived customers with fake gemstone jewellery and unfulfilled promises of returns. Following the store closures, the police filed a case against the holding company, Platinum Hern Private Limited, its directors, CEO, general manager, and store in-charges, charging them with cheating, criminal conspiracy, and other related offenses.
Torres, which opened its outlets in and around Mumbai in February of the previous year, specialized in gemstone jewellery and promoted an investment scheme where customers who invested Rs 1 lac were promised a pendant featuring a moissanite stone worth Rs 10,000. However, it was later revealed that the moissanite stones were fake. The scheme also promised a 6 percent annual interest rate, which was later raised to 11 percent. While some investors received payouts during the past year, these payments stopped abruptly about two months ago.
Prior to the shutdown, Torres posted a video on YouTube offering 11 percent interest for investments made before January 5, along with an additional 0.5 percent for cash payments. This likely aimed to encourage a rush of new investments. However, when the stores closed on January 6, many investors realized they had fallen victim to a massive scam.
The majority of investors in this Ponzi scheme were from the lower-middle class, including vegetable sellers and small traders, who were drawn to the high returns promised. The total investment under the scheme is reported to run into several crores. According to NDTV, seven individuals have already filed a police complaint, collectively claiming to have invested over Rs 13 cr.