MUMBAI: The Enforcement Directorate has initiated a money laundering investigation into the Torres Ponzi scheme, conducting raids across 13 locations - ten in Mumbai and three in Jaipur.
The company behind the Torres brand stands accused of amassing substantial sums through deceptive offerings and fraudulent multi-level marketing (MLM) schemes. In a significant development, eight of the twelve accused individuals, comprising seven Ukrainian nationals and one Indian, managed to leave India before law enforcement could begin their investigation.
Multiple complaints were lodged against Torres across various police jurisdictions including Navi Mumbai, Thane, and Mumbai. Previously, the Shivaji Park police had taken into custody two directors and a senior executive from Platinum Hern Pvt Ltd, the organisation operating the Torres jewellery chain.
The investigation revealed that the accused allegedly defrauded over 18,000 individuals from Mumbai, Navi Mumbai, Thane and Mira-Bhayander regions, with the total fraud amounting to crores of rupees through various investment schemes.
Investors expose Platinum Haren Pvt Ltd's jewelry fraud as payments ceasePlatinum Haren Pvt Ltd, operating
Torres Jewellery outlets in Dadar, Mira-Bhayander, and other locations, promised high returns on gold and silver purchases, paying weekly. However, when the payments stopped after a few weeks, investors panicked, revealing the fraud.
Vijay V Singh has worked for various print and online publication...
Read MoreVijay V Singh has worked for various print and online publications before joining The Times of Indiain 2008. He covers crime and takes a keen interest in criminology. His hobbies include travel (especially on bikes), reading and cricket.
Read Less
Start a Conversation
Post comment