{"id":1908,"date":"2025-01-23T09:52:34","date_gmt":"2025-01-23T09:52:34","guid":{"rendered":"https:\/\/probharatnews.com\/?p=1908"},"modified":"2025-01-23T09:52:35","modified_gmt":"2025-01-23T09:52:35","slug":"ed-raids-multiple-locations-in-torres-investment-fraud-case","status":"publish","type":"post","link":"https:\/\/probharatnews.com\/index.php\/2025\/01\/23\/ed-raids-multiple-locations-in-torres-investment-fraud-case\/","title":{"rendered":"ED RAIDS MULTIPLE LOCATIONS IN TORRES INVESTMENT FRAUD CASE"},"content":{"rendered":"\n<p>The Enforcement Directorate (ED) on Thursday initiated a series of raids in connection with the Torres investment fraud, with searches conducted at multiple locations in Mumbai and Jaipur. Officials say these raids are linked to the money laundering activities tied to the duping of thousands of investors in a multi-level marketing (MLM) scheme.<\/p>\n\n\n\n<p>Around 10 to 12 locations have been targeted by the ED, as part of its ongoing investigation following a criminal complaint filed under the Prevention of Money Laundering Act (PMLA). The complaint was based on a First Information Report (FIR) registered by the Mumbai Police Economic Offences Wing (EOW) in relation to the case.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Fraud Amounts to Over Rs 57 Crore<\/strong><\/h3>\n\n\n\n<p>More than 3,700 investors have filed complaints with the Mumbai police, alleging they were cheated out of their hard-earned money in the fraudulent scheme. According to officials, the total fraud amount has crossed over Rs 57 crore.<\/p>\n\n\n\n<p>The Torres jewellery company, which is accused of orchestrating the scam, reportedly lured investors with promises of high-value rewards such as cars, flats, gift cards, and hampers. These promises were part of a deceptive Ponzi scheme designed to entice individuals to invest large sums.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The Scheme Behind the Scam<\/strong><\/h3>\n\n\n\n<p>The fraud came to light earlier this month when hundreds of angry investors gathered at the Torres jewellery store located in the Torres Vastu Centre building in Dadar (West), Mumbai. Investors were in disbelief as the company stopped making the promised payments.<\/p>\n\n\n\n<p>Officials suggest that the company, which was marketed as an investment opportunity, operated through a combination of Ponzi and MLM tactics, leading investors to believe they would receive returns through continued recruitment.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Arrests Made in Connection with the Scam<\/strong><\/h3>\n\n\n\n<p>Three senior executives of the company have been arrested so far. These include Tazagul Xasatov, a national from Uzbekistan, Valentina Ganesh Kumar, a Russian national, and Sarvesh Surve, an Indian. These arrests follow the uncovering of the fraudulent practices linked to the Torres brand.<\/p>\n\n\n\n<p>Investigators are now focused on finding the mastermind behind the Torres scheme\u2014the person who launched the jewellery company, Platinum Hern, which owns the Torres brand. The initial funds for the fraudulent activities are believed to have originated from this source.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Court Criticizes Police for Slow Response<\/strong><\/h3>\n\n\n\n<p>In a related development, the Bombay High Court on Wednesday expressed dissatisfaction with the police\u2019s response to the case. A division bench consisting of Justices Revati Mohite Dere and Neela Gokhale observed that the police had failed to take timely action, citing &#8220;dereliction of duty&#8221; in handling the case.<\/p>\n\n\n\n<p>\u201cNobody has acted with alacrity,\u201d said the bench, highlighting the need for faster intervention in such financial crimes.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Next Steps<\/strong><br>The ED and Mumbai Police are intensifying their efforts to track down the key figures behind the scam, as investigations continue. Authorities are particularly focused on tracing the origins of the initial investment funds and identifying the masterminds behind the deceptive marketing schemes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Enforcement Directorate (ED) on Thursday initiated a series of raids in connection with the Torres investment fraud, with searches conducted at multiple locations in Mumbai and Jaipur. Officials say these raids are linked to the money laundering activities tied to the duping of thousands of investors in a multi-level marketing (MLM) scheme. Around 10 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1909,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-1908","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-national"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ED RAIDS MULTIPLE LOCATIONS IN TORRES INVESTMENT FRAUD CASE - Pro Bharat News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/probharatnews.com\/index.php\/2025\/01\/23\/ed-raids-multiple-locations-in-torres-investment-fraud-case\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ED RAIDS MULTIPLE LOCATIONS IN TORRES INVESTMENT FRAUD CASE - Pro Bharat News\" \/>\n<meta property=\"og:description\" content=\"The Enforcement Directorate (ED) on Thursday initiated a series of raids in connection with the Torres investment fraud, with searches conducted at multiple locations in Mumbai and Jaipur. Officials say these raids are linked to the money laundering activities tied to the duping of thousands of investors in a multi-level marketing (MLM) scheme. 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