Torres Jewellery Ponzi Scam: EOW Traces Fugitive Accused To Bulgaria, Uncovers New Fraudulent Ventures

Mumbai: The Economic Offences Wing (EOW) of Mumbai Police has made a major breakthrough in its investigation into the multi-crore Torres investment scam. According to sources, the fugitive accused have relocated to Bulgaria and opened new showrooms under different names, such as Moissanite Bulgaria and Moissanite Varna, to continue their fraudulent activities.

The EOW has uncovered a significant international development in the case. The main accused, Artem Oliferchuk, along with Olena Stoyan, Oleksandra Borovyk, Oleksandra Zhapichenko, Oleksandr Tredokhib, and Iurchenko Igor, have set up showrooms in Bulgaria under a different brand name, using the same fraudulent tactics.

Investigators have obtained details of websites linked to these fraudulent operations and have notified the Home Ministry about their findings. Authorities discovered that the accused first fled to Poland before setting up new business ventures in Bulgaria.

Meanwhile, another arrested accused, Tausif, had traveled to Sri Lanka to scout locations for setting up a similar showroom, indicating that the scam network is expanding beyond India and Europe.

The Bulgaria-based showrooms are reportedly luring customers with unrealistic cashback offers, such as 4% per week (208% per year) on gift voucher purchases and 2% per week (104% per year) on jewelry purchases. These schemes are designed to trap investors with promises of high returns, similar to the fraudulent operations carried out in India and Russia.

The Torres scam has affected over 12,783 victims in India, with reported losses exceeding ₹130 crore. With scam operations now expanding internationally, authorities are racing against time to track down the accused and prevent further fraud.

According to EOW officials, the fugitives are using the same tactics they employed in Mumbai, targeting local investors in Bulgaria with promises of high returns. The EOW is gathering concrete evidence and plans to approach the Union Home Ministry for further action.

The main masterminds, identified as Olena Stoyan, Viktoria Kovalenko, Mustafa Karakoch, Oleksandr Borovyk, Oleksandr Zhapichenko, Oleksandr Brunkiwska, Oleksandr Tredokhib, and Liyurchenko, remain on the run. A Blue Corner Notice has already been issued against them. Notably, this same group was involved in a similar fraud in Russia before targeting India.