Torres Fraud Is The Brainchild Of 2 Ukrainians

They went home for Christmas but never returned; employees ransacked the stores as they panicked

- Vinay Dalvi

MUMBAI: The Torres Jewellery fraud was conceived and planned by two Ukrainians, who fled the country just before the scam surfaced less than a week ago. The Economic Offences Wing (EOW) of the Mumbai police, investigating the investment scam, said the two absconding Ukrainians - Viktoriia Kovalenko and Olena Stoin - were the brains behind the fraud, which has cost thousands of small investors crores of rupees.

According to the police, Kovalenko and Stoin told their colleagues and other employees that they were returning home for the Christmas break but never returned. When Torres's employees realised the two senior executives were not coming back, they ransacked the stores as they realised they would have to forfeit salaries and other dues. The chaos at the stores, particularly in Dadar and Sanpada in Navi Mumbai, alerted investors in the Ponzi schemes run by Torres that something was amiss and they began to gather outside the jewellery stores from Monday.