ED carried out searches in Mumbai, Jaipur in Torres investment fraud
More than 3,700 investors have so far approached the Mumbai police stating the fraud to be over Rs. 57 crores : ED
New Delhi, January 24
The Enforcement Directorate conducted searches in the Torres investment “fraud” linked money laundering case where a number of investors have been allegedly duped.
The officials raided 10-12 locations in Mumbai and Jaipur in Rajasthan.
The ED had filed a criminal complaint under the Prevention of Money Laundering Act (PMLA) taking cognisance of a Mumbai Police Economic Offences Wing (EOW) FIR to initiate investigation.
As per the case details, more than 3,700 investors have so far approached the Mumbai police stating the fraud to be over Rs. 57 crores. The jewellery company that owns the Torres brand is accused of cheating investors of crores of rupees through a combination of Ponzi and multi-level marketing (MLM) schemes. The scam came to light when hundreds of investors gathered at the jewellery brand’s store situated at Torres Vastu Centre building in Dadar (West) early this month as the company stopped paying sums promised to them.
The police had arrested three accused– Tazagul Xasatov, a Uzbekistan national, Valentina Ganesh Kumar, a Russian national and Sarvesh Surve — all senior executives of the firm, in this case till now.
Investigators have said that the promoters of Torres jewellery brand had promised cars, flats, gift cards and hampers to attract investors.
The jewellery company (Platinum Hern) owns the Torres brand. The ED is searching for the mastermind of the fraud.
