In a high-profile financial scandal, five top executives of Platinum Hern Pvt Ltd, a Dadar-based private company, have been booked for allegedly duping investors out of Rs 13.48 crore through a well-planned Ponzi scheme. The case was registered at Shivaji Park Police Station after several investors, lured by promises of high returns, reported being defrauded.
How the Scheme Worked?
The fraudulent scheme, which operated between June and December 2024, targeted unsuspecting investors with the promise of a weekly 6% return on investments in moissanite stones, equivalent to an eye-popping 25% monthly return. Initially, the investors received regular payouts, which built trust and encouraged further investments.
However, after December 30, 2024, the payments suddenly stopped, and the company’s top executives began ignoring calls and messages from investors. This prompted a 31-year-old vegetable vendor, Pradipkumar Vaishya, who had invested a significant amount, to file a complaint, leading to a formal police investigation.
Key Accused and Company Details
- Sarvesh Surve – Director
- Victoria Kowlenko – Director
- Taufiq Riya (alias John Carter) – CEO
- Tanya Kastova – General Manager
- Valentina Kumar – Store In-Charge
The company, operating under the brand Torres Store, allegedly attracted a large number of investors across Mumbai, Navi Mumbai, and Mira Bhayander by offering unrealistic returns.
Legal Action and Charges
A case has been registered under sections 318(4), 316(5), 61 of the Bhartiya Nyay Sanhita (BNS) and sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (MPID) Act. These legal provisions are designed to protect investors from fraudulent schemes and ensure stringent action against fraudsters.
Investor Protest and Police Intervention
As tensions rose, a large group of aggrieved investors gathered outside the Torres store on JK Sawant Road in Dadar (West), demanding a return on their investments. Police were called to manage the situation and ensure public order.
According to DCP Zone 5 Ganesh Gawde, 'The number of investors duped and the total amount involved may increase as more victims come forward. We have lodged an FIR and reported the matter to the Commissioner of Police. The case will soon be handed over to the Economic Offences Wing (EOW) for further investigation.'
Broader Impact and Caution for Investors
Authorities believe the scam may have affected hundreds of investors across different parts of Mumbai and its suburbs. Police have urged more victims to come forward and share their statements to help uncover the full scale of the fraud.
This incident underscores the risks associated with Ponzi schemes, where fraudsters lure investors by promising unusually high returns. Experts advise investors to carefully verify the legitimacy of any investment opportunity, especially those offering quick and unrealistic profits.
If you are an investor or planning to invest in financial schemes, it’s crucial to:
- Research the company’s background before investing.
- Avoid schemes promising extraordinarily high returns within a short period.
- Report suspicious schemes to the police or financial regulatory authorities.
The Dadar Ponzi scheme case serves as a grim reminder of the dangers posed by fraudulent investment plans. With the involvement of the Economic Offences Wing, investors hope for swift justice and potential recovery of their hard-earned money. Stay vigilant and always seek professional advice before committing to any high-return financial scheme.
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About the Author:
Akanksha Sinha
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