The Enforcement Directorate has raided locations in Mumbai and Jaipur as part of its investigation into the Torres Ponzi scheme, which has allegedly defrauded over 3,700 investors.
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The Enforcement Directorate (ED) conducted raids on Thursday as part of an ongoing investigation into the Torres investment fraud, which is linked to a money laundering case. The fraud has reportedly duped thousands of investors, with the total amount involved exceeding Rs 57 crore.
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According to officials, the federal agency is targeting 10 to 12 locations in Mumbai and Jaipur in Rajasthan. These raids are part of the ED’s investigation following a criminal complaint filed under the Prevention of Money Laundering Act (PMLA), based on an FIR by the Mumbai Police Economic Offences Wing (EOW). The complaint relates to allegations that Torres, a jewellery brand, misled and cheated investors through a Ponzi scheme and multi-level marketing (MLM) tactics.
As of now, more than 3,700 investors have filed complaints with the Mumbai police, claiming they were defrauded by Torres. These investors had reportedly been promised lucrative returns, only for the company to stop making payments earlier this month. The fraud came to light when hundreds of disgruntled investors gathered at the Torres jewellery store in the Torres Vastu Centre building in Dadar (West), demanding their promised sums.
The police have arrested three key suspects in the case: Tazagul Xasatov, an Uzbekistani national; Valentina Ganesh Kumar, a Russian national; and Sarvesh Surve, all senior executives of the Torres company. Investigators have disclosed that the company’s promoters enticed investors by offering extravagant rewards such as cars, flats, gift cards, and hampers to draw them into their fraudulent schemes.
The Bombay High Court, in a recent hearing, reprimanded the police for their slow response to the case, accusing them of dereliction of duty. A division bench, comprising Justices Revati Mohite Dere and Neela Gokhale, observed that the police had failed to act swiftly in addressing the situation, stating, “Nobody has acted with alacrity.”
As per PTI, both the police and the ED are now working together to identify the mastermind behind the fraud. This individual is believed to have been the founder of Platinum Hern, the parent company that owns the Torres jewellery brand and where the initial funds for the fraudulent operations were sourced. Investigators are focusing on locating this individual to further unravel the scam’s origins and scale.
The ED’s ongoing investigation and the police’s efforts are both directed at unmasking the full extent of the fraud and bringing those responsible to justice. The case highlights the growing concern over Ponzi schemes and fraudulent investment practices, with authorities increasingly cracking down on such illicit activities. As per PTI, the investigation remains active, and further developments are awaited.
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