Artem and Olena is the primary masterminds behind the fraudulent scheme. |
Mumbai: In a significant development in the multi-crore Torres Ponzi scam, the Economic Offences Wing (EOW) of Mumbai Police has officially named Artem and Olena as the primary masterminds behind the fraudulent scheme.
According to police sources, both individuals played pivotal roles in orchestrating the scam that defrauded investors by promising high returns on stone, Silver, Gold investments. The EOW investigation has now expanded to include the seizure of 14 luxury cars that were allegedly distributed to customers as part of Lucky draw.
These cars were used as incentives to lure more investors into the scheme. Authorities are in the process of identifying the owners and verifying whether the vehicles were purchased with the proceeds of the scam.
Fugitive Accused Tauseef Riaz Played Key Role in Establishing Torres Scam Operations in Dadar. The Economic Offences Wing (EOW) has revealed that Mohammed Tauseef Riaz, also known as John Carter, played a crucial role in setting up the now-notorious Torres Ponzi scheme in Mumbai’s Dadar area.
According to investigators, Tauseef helped the Ukrainian masterminds Olena and Artem by securing office space, providing local intelligence, and establishing the company’s initial operations. His reward for these efforts was the position of CEO when Torres officially launched in February 2024.
Tauseef, a resident of Virar and a high school dropout, previously worked as an Aadhaar card agent before becoming a central figure in the Torres scandal. He arranged for a massive 11,500-square-foot office in Dadar at a monthly rent of ₹25 lakh, Dadar showroom place is ownes by Mehta.
Despite his role as CEO, Tauseef drew a modest salary of ₹46,000 per month. Torres Director Sarvesh Surve also drew a salary of ₹46,000 per month.
EOW investigators have exposed the complex modus operandi used by the accused to defraud thousands. The Ukrainian masterminds, led by Olena, Artem and Victoria crafted an enticing investment plan centered on Moissanite stones, offering the highest returns to lure victims.
In a recent operation, EOW raided a Mumbai hotel where Olena frequently stayed during her visits from Ukraine. The raid lasted nearly 2.5 days and resulted in the seizure of assets worth ₹9 crore, including ₹5 crore in cash, along with gold, silver, and Moissanite stones.
Additionally, EOW froze three bank accounts linked to Torres’ parent company Platinum Harn Pvt. Ltd., a remitter, and another associated business. EOW has also Seized 77 lakhs Cash from accused Tania Kumar’s Colaba residence.
The Economic Offences Wing (EOW) is actively tracing Indian connections in the massive Torres Ponzi scam. According to police sources, Abhishek Gupta, who served as a consulting accountant for Torres, is under investigation. The EOW has also issued Lookout Circulars (LOCs) against Artem and Olena Stoina, the prime accused masterminds behind the fraud.
EOW has sealed newly opened Torres showrooms in Kandivali and Worli, with further Searches pending. Additionally, authorities are set to confiscate 14 luxury cars that were distributed to customers through a Lucky draw scheme. Plans are underway to liquidate these cars, and the proceeds will be used to compensate defrauded investors. 14 Luxury Cars to Be Seized Soon by EOW.
A Toyota car parked outside the Dadar showroom has already been seized. Interestingly, Torres had made a payment of ₹11,000 toward this the car. EOW will recover this sum from the car dealership before returning the vehicle to the company. Legal actions will follow to ensure maximum recovery for victims.
The investigation has broadened as EOW plans to summon stone suppliers from Jaipur and SEEPZ who provided materials to the accused. So far, 1600 victims have lodged official complaints, with the confirmed fraud amount reaching ₹24 crore. Authorities expect this figure to rise as more victims come forward.
The investigation into the scam, which has duped investors across Maharashtra and other states, is intensifying as officials uncover deeper links involving foreign-based operatives and money laundering through international channels. Further arrests and asset seizures are expected as the case progresses.