Mumbai's Torres Investment Fraud: A Ponzi Scheme Unveiled

The Economic Offences Wing of the Mumbai Police has unveiled a large financial fraud involving the Torres jewellery brand. The operation, linked to illegal Ponzi schemes, initially involved an expenditure of Rs 25 crore to establish stores, buy diamonds, and provide returns to investors.

Investigators revealed that the suspects transferred the acquired funds overseas unlawfully. The central focus now is to uncover the source of the initial investment and potential foreign affiliations. Despite the gravity of the situation, the accused are reportedly non-cooperative in the probe.

Searches conducted in various areas have led to the discovery of crucial documents and substantial assets, including Rs 17.40 crore in cash and valuables. As of now, 1,916 complaints amounting to nearly Rs 38.96 crore have been filed by defrauded investors, and Look Out Circulars are in effect for missing suspects.