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ED launches probe into Torres fraud, conducts searches in the city, Jaipur

Jan 24, 2025 07:50 AM IST

The ED searched around a dozen locations in Mumbai and Jaipur to gather documents, both physical and digital, related to the alleged fraud that could be used as evidence, officials said

MUMBAI: The city unit of the Enforcement Directorate (ED) on Thursday launched an investigation into a money-laundering case linked to the multi-crore Torres Jewellery fraud, carrying out searches at several locations in Mumbai and Jaipur. The investigation is related to the alleged investment fraud perpetrated through the Torres Jewellery chain in which over 100,000 people have lost money totalling over 1,000 crore.

Mumbai, Jan 06 (ANI): Police personnel stand guard outside Torres Company’s office after Investors gather in large numbers demanding the return of their principal amounts after the company failed to provide promised payments, at Dadar in Mumbai on Monday. (ANI Photo) (Deepak Salvi)
Mumbai, Jan 06 (ANI): Police personnel stand guard outside Torres Company’s office after Investors gather in large numbers demanding the return of their principal amounts after the company failed to provide promised payments, at Dadar in Mumbai on Monday. (ANI Photo) (Deepak Salvi)

The ED searched around a dozen locations in Mumbai and Jaipur to gather documents, both physical and digital, related to the alleged fraud that could be used as evidence, officials said. The agency recently registered its Enforcement Case Information Report (ECIR) based on the Mumbai police’s First Information Report (FIR). It wants to trace the company’s monetary transactions to ascertain and identify the purported proceeds of crime and their beneficiaries.

Platinum Hern Pvt Ltd, the company that owns the Torres Jewellery brand, is accused of cheating investors of crores of rupees through a combination of Ponzi and multi-level marketing (MLM) schemes with attractive promised returns. Investigators said the promoters of the jewellery brand had promised cars, flats, gift cards and hampers to attract investors.

The Mumbai police sprung into action when hundreds of investors gathered at the jewellery brand’s store in Dadar West earlier this month after they stopped getting the promised returns. The police have arrested three senior executives of the firm — Tazagul Xasatov, an Uzbekistan national, Valentina Ganesh Kumar, a Russian national, and Sarvesh Surve, an Indian — till now. According to the police, the Torres Jewellery chain operated six stores across Mumbai.

On Wednesday, the state government informed the Bombay high court that all four FIRs registered in connection with the alleged fraud would be transferred to the Economic Offences Wing (EOW) of the Mumbai police. The high court said police officers committed dereliction of duty by failing to take prompt action. “Nobody has acted with alacrity,” a division bench of justices Revati Mohite Dere and Neela Gokhale said.

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