Mumbai EOW Cracks Down on Torres Ponzi Scheme: High Court Demands Accountability

The Bombay High Court criticized police for inaction in the Torres investment scam, which defrauded investors through Ponzi schemes. The court called for preventative mechanisms and ordered police to protect a whistle-blower. With over 3,700 victims, the case involves multiple FIRs, with the Economic Offences Wing arresting three notable individuals.

The Bombay High Court has reprimanded police officials for a lack of prompt action in tackling the Torres investment scam, which has allegedly defrauded investors of over Rs 57 crore through Ponzi schemes and multi-level marketing tactics.

The legal censure came from a bench of Justices Revati Mohite Dere and Neela Gokhale, who noted the police's failure to act swiftly despite having crucial information concerning the scam. The bench stressed the need for future preventive measures to protect the public's finances.

Highlighting the gravity of the situation, the court ordered security for whistle-blower Abhishek Gupta and demanded a detailed probe report, urging a thorough investigation by the Economic Offences Wing. Investigations have so far resulted in three arrests, including foreign nationals, while further legal proceedings are set to continue.

(With inputs from agencies.)