Exclusive: Inside the Rs 38 Crore Torres Investment Fraud Scandal

The Enforcement Directorate has launched a money laundering investigation into the Rs 38 crore Torres investment fraud, where 1,916 investors were allegedly duped by a Ponzi scheme involving the 'Torres' jewellery brand. Several senior executives have been arrested, and more suspects are under investigation.

The Enforcement Directorate has initiated a money laundering investigation into the Torres investment fraud, pegged at approximately Rs 38 crore, officials announced on Tuesday. The federal agency's action follows an FIR lodged by Mumbai Police, leading to charges under the Prevention of Money Laundering Act (PMLA).

Allegedly, 1,916 investors have fallen victim to a Ponzi scheme orchestrated by a private firm owning the 'Torres' jewellery brand. The scam surfaced when numerous investors descended on the brand's Dadar (West) outlet after promised returns ceased, according to police reports.

Authorities have detained three senior executives: Tazagul Xasatov from Uzbekistan, Russian national Valentina Ganesh Kumar, and Sarvesh Surve. More suspects, including foreign nationals, are being traced, as the potential scale of the scam continues to expand beyond its initial Rs 38 crore estimate.

(With inputs from agencies.)