Mumbai: Thousands of investors who pledged their life savings, including homes, shops, jewelry, and hard-earned money, have lost crores in the Torres Jewellery Ponzi scheme. Since February, countless customers poured their funds into what seemed like a lucrative investment, only to face devastating losses. Operating from a showroom in bustling Dadar, a group of Ukrainian nationals masterminded the fraud before fleeing the country. Allegations have surfaced that Shivaji Park Police Station and the Economic Offences Wing (EOW) ignored early warnings that could have prevented the scam.
Whistleblower's Complaint Ignored
Shashikant Kavale, a social activist from Dharavi, first raised red flags in November 2024. He approached Shivaji Park Police Station and the EOW with complaints, highlighting Torres' dubious practices. Kavale observed that customers were being sold substandard gold (2-3 karats) instead of 18-karat gold and questioned how the company could promise a 6% monthly return for 13 months. When he visited the Torres showroom to demand answers, staff refused to provide satisfactory information or disclose their identities.
Despite filing a formal complaint, Kavale claims that API Ashwin Kagale of Shivaji Park Police did not act promptly. "I was kept waiting for two hours and not allowed to meet anyone," Kavale told FPJ. He accused the police of deliberately stalling the inquiry, suggesting their inaction enabled the foreign nationals to escape with investors' money.
...
The income tax department has initiated a nationwide verification operation targeting fraudulent claims of deductions and exemptions in I-T returns. This action follows the discovery of organized r...