Torres scam: EOW seeks go-ahead to auction seized valuables, goods

MUMBAI: EOW seeks court's direction for auctioning seized items from the Torres Jewellery scam, aiming to compensate 12,783 defrauded investors.

MUMBAI: As part of its investigation into the Torres Jewellery scam, the Economic Offences Wing (EOW) of the Mumbai Police has submitted an application before the special Maharashtra Protection of Interest of Depositors (MPID) court, seeking directions on the auction of items, including furniture and stones, seized by it.

₹25 crore was allegedly spent on the interiors of the Dadar store alone. (Photo by Raju Shinde/HT Photo) (Hindustan Times)

Police also said they have written to the collector to appoint a competent authority to distribute the proceeds from the auction to investors who were defrauded by the jewellery brand via various investment schemes across 2024.

Police have so far seized valuables and furniture worth ₹35 crore, and have identified eight of the 15 cars which they are yet to impound. The cars were distributed in lucky draws as part of the scam. “We have identified eight of them and want to auction them,” said a police officer with the EOW.

“We have written to the MPID court, which is hearing the Torres Jewellery case. We had seized furniture from five Torres Jewellery stores, the flagship showroom at Dadar, Kandivali, Mira-Bhayander, Vashi and Grant Road. The stores had been designed and furnished lavishly, with ₹25 crores being spent on the interiors of the Dadar store alone,” said the officer.

He said the police had seized artificial stones (moissanite), which had been distributed to investors. These are valued at ₹1.9 crore,” said the officer, who added that they intended to get the money from the supplier, in return for the stones.” Also seized during the investigation is ₹15 crore in various bank accounts in the name of Torres Jewellery, and more than ₹6 crore in cash.

Police said they have written to collector to appoint a competent authority so that can distribute the proceeds from the proposed auction among the defrauded investors. Until now, 12,783 investors have approached the police claiming they had lost around ₹130 crore invested in various schemes floated by Torres Jewellery.

The scam surfaced on January 6, when scores of investors gathered outside Torres stores after the company defaulted on paying returns on their investments. The jewellery stores had lured investors with promises of unbelievable weekly returns on the purchase of gold, jewellery and moissanite stones.

Nine arrests have been made in the case so far, while Look-Out Circulars and Blue Corner Notices have been issued against several Ukranians and one Turk, who are suspected to have fled overseas.