Mumbai Court Extends Remand in Torres Investment Scam

A Mumbai court extended police custody for three senior executives involved in a Rs 38 crore investment fraud linked to the Torres jewellery brand. The Economic Offences Wing revealed the involvement of foreign nationals and issued Look Out Circulars for 11 absconding suspects in the Ponzi scheme case.

In a significant development, a Mumbai court has extended the police custody of three senior executives implicated in the Torres investment fraud until January 18. The devastating Rs 38 crore scam has left a notable dent in the Indian economy, according to the prosecution's submission.

The Economic Offences Wing (EOW) of Mumbai police, the investigative authority in the case, reported that 11 accused individuals, including foreign nationals, are currently absconding. Look Out Circulars have been issued to prevent their possible flight from the country.

This high-profile case, involving Torres jewellery and operated under Platinum Hern Pvt Ltd, has led to the arrest of two foreign nationals, Tazagul Xasatov and Valentina Ganesh Kumar, along with Sarvesh Surve from Mumbai. The alleged Ponzi scheme, targeting investors with false promises, has prompted further investigations to uncover the masterminds behind the operation.

(With inputs from agencies.)