New intel unit in state to curb economic crimes

Minister of state for home Yogesh Kadam made the announcement in the legislative council on Thursday

Mumbai: The state home department has decided to set up an economic intelligence unit (EIU) to curb rising instances of fraud by companies like Torres Jewellery, minister of state for home Yogesh Kadam announced in the legislative council on Thursday.

New intel unit in state to curb economic crimes

Kadam made the announcement after Nationalist Congress Party (NCP) leader and legislative council member Vikram Kale moved a calling attention motion, raising the issue of Torres, which duped small investors through a chain of jewellery stores.

“Thousands of common investors in Mumbai, Navi Mumbai, Kalyan etc were cheated by Torres Jewellery. Though the police has started investigation and is taking action against the company, most of the investors have not get their money back. The state government should act strictly in such matters and should take initiatives to curb such frauds,” Kale said.

In response, Kadam said, “The state government has decided to set up an economic intelligence unit to curb the economic frauds like Torres. The unit will keep eye on the various financial companies working in Maharashtra and will monitor their working and financial ability to avoid further cheating of common investors.”

“All the assets of the company will be seized for the further recovery and seized assets will be auctioned and the amount collected from it will be used to return the money to investors as per the prescribed rules,” said Kadam.