Jewellery Scam Unveiled: Torres Brand Under Fire

The Mira-Bhayandar, Vasai-Virar police have apprehended three individuals linked to a jewellery company identified with the Torres brand, accused of defrauding investors. Police say the company used Ponzi and MLM schemes to amass Rs 18.5 crore, with potential for further financial damage.

In a significant development, the Mira-Bhayandar, Vasai-Virar police apprehended three individuals on Saturday due to their connections with a jewellery company tied to the Torres brand.

The company faces allegations of defrauding investors of crores of rupees utilizing Ponzi and multi-level marketing schemes. Authorities have recorded offences against the company's management and staff.

The Mumbai police's Economic Offences Wing has conducted raids across Colaba, Dadar, and Dombivali, seizing key documents, investment files, and cash as part of an ongoing investigation. The financial scale of the scam already stands at Rs 18.5 crore, with expectations of escalating figures.

(With inputs from agencies.)