New Leads in Torres Investment Scam Reveal Expansion to Bulgaria

The Economic Offences Wing of Mumbai police is investigating the Torres investment scam, uncovering similar fraudulent schemes in Bulgaria. The scheme's masterminds have defrauded 12,783 investors of Rs 130 crore. Efforts to recover assets have led to a Rs 35 crore recovery, with more hopes through auctions.

The Torres investment scam, initially unearthed in Mumbai, is now showing its tendrils spread to Bulgaria, as revealed by the Economic Offences Wing (EOW) of the Mumbai police. Investigators are currently in the process of confirming such expansions under different corporate identities.

This follows alarming discoveries that the fraudulent scheme had already bilked 12,783 investors out of Rs 130 crore. The EOW has since apprehended six individuals involved in the deception, while nine others, including eight from Ukraine and one from Turkey, remain at large.

Efforts to mitigate investor losses continue, with Rs 35 crore in assets, including cash, recovered so far. The EOW is pushing for the auction of company assets such as cars and furniture, aiming to reclaim an additional Rs 40 crore for the victims, officials noted.

(With inputs from agencies.)