Mumbai Police Unravel Torres Investment Scam

The Mumbai police's Economic Offences Wing is investigating the Torres investment scam, having seized cash and valuables worth Rs 24.49 crore. The scam involves 3711 investors duped by the Torres jewellery brand, with executives including Tazagul Xasatov, Valentina Ganesh Kumar, and Sarvesh Surve arrested.

The Mumbai police's Economic Offences Wing is delving into the Torres investment scam, seizing cash and valuables totaling Rs 24.49 crore. This move comes as part of a rigorous investigation targeting various locations connected to the dubious scheme.

In their thorough search, EOW officials uncovered Rs 15.81 crore resting in multiple bank accounts linked to the accused individuals. Additionally, the agency confiscated Rs 5.98 crore in cash, adding to the mounting evidence against the culprits.

An alarming 3711 investors have reported being conned, with losses escalating to Rs 57.56 crore. Investigations reveal that the private firm behind the 'Torres' jewellery brand lured investors with promises of lucrative returns. The scam surfaced when the company halted payouts, prompting investors to gather at its store in Dadar. Among those arrested are Tazagul Xasatov, a Uzbekistan national, Valentina Ganesh Kumar, a Russian national, and Sarvesh Surve, all senior executives of the implicated firm.

(With inputs from agencies.)