Mumbai: Two Ukrainian nationals named Artem and Olena Stoin have been identified as the masterminds behind a Ponzi scheme that duped hundreds of people in Mumbai by promising substantial returns on investments. The Economic Offences Wing (EOW) of Mumbai Police is currently investigating the Torres jewellery scam and has focused on the Stoin couple’s involvement in orchestrating the scheme. Authorities are trying to locate them as they investigate how the two lured people into investing in gemstones, gold and silver, offering returns that seemed too good to pass up.
The police are also looking into the role of 14 luxury cars, which were used as lucky draw prizes to attract more investors to the fraudulent scheme. Last week, the Torres jewellery stores abruptly shut down after accumulating crores of rupees from investors. In response to a complaint, the police have filed charges against the holding company, Platinum Hern Private Limited, along with its directors, CEO, general manager and a store manager for cheating and criminal conspiracy.
Fake stones, halted payouts revealed
The Torres jewellery outlets, which opened in February 2024, marketed gemstone jewellery alongside a bonus scheme, where customers who invested Rs 1 lakh were promised a pendant containing a moissanite stone worth Rs 10,000. However, these stones were later revealed to be fake. Investors were promised returns of up to 11 per cent annually, with some receiving payouts initially, but these payments stopped two months ago.
The company made an attempt to boost investments by offering an extra 0.5 per cent interest for cash payments. However, after a video posted on January 5 announcing reduced interest rates, Torres stores were shut down the next day and investors realised they had been scammed.
Lower-income investors targeted
The majority of investors affected by the scheme come from lower-income backgrounds, such as vegetable sellers and small traders, with investments ranging from a few thousand to many crores of rupees. One investor expressed frustration with the government’s lack of support, given that it had taxed the scheme’s earnings. In an unusual twist, Torres recently uploaded a video to its YouTube channel claiming a coup within the company, blaming the CEO and a senior analyst for orchestrating the fraudulent scheme.
The Mumbai Police’s Economic Offences Wing (EOW) is investigating the Torres jewellery scam, with a focus on the Stoin couple, who are believed to have masterminded the scheme. Authorities are working to locate the couple as they look into how they convinced people to invest in gemstones, gold and silver, promising returns that appeared too good to miss. Business Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
