Arrested actor Armen Ataine is accused of assisting the alleged Ukrainian masterminds behind the Torres Jewellery Ponzi scheme that left small traders, vegetable sellers, and middle-class families in financial ruin.
The Economic Offences Wing of Mumbai Police announced on Tuesday the arrest of Ukrainian actor Armen Ataine in connection with the scam.
The Economic Offences Wing of Mumbai Police announced on Tuesday the arrest of Ukrainian actor Armen Ataine in connection with the scam. Officials stated that he is accused of assisting the alleged Ukrainian masterminds behind the scheme.Torres Jewellery opened its doors in Mumbai in February 2023, establishing six outlets across the city. It lured investors by selling gemstone jewellery coupled with an enticing bonus scheme.
The scheme’s final act of deception came earlier this month when Torres uploaded a video on YouTube, urging people to invest before January 5 to secure an 11 percent return.The key players While authorities have apprehended six individuals so far, the wider network of accomplices remains under investigation. Reports suggest that the fraudulent operation was executed with meticulous precision, involving professional actors and financial analysts to build credibility and trust.The scam predominantly targeted lower-middle-class individuals, many of whom invested their life savings in the hope of earning substantial returns.
“If the company had tax and other registration number, how were we to know it is a fraud? How was it able to operate freely?” one investor lamented.Twist in the tale: Torres’ counterclaim
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