Unraveling the Torres Scam: New Investments in Bulgaria Under Scrutiny

The Economic Offences Wing of Mumbai police is investigating Torres' investment scam linked to alleged fraudulent schemes in Bulgaria. The scam has conned 12,783 investors of Rs 130 crore. Six people are arrested, and efforts are underway to recover more fraudulently obtained funds.

The Economic Offences Wing (EOW) of the Mumbai police is intensifying its investigation into the Torres investment scam. Officials have uncovered information suggesting that the wanted suspects have initiated similar fraudulent investment schemes in Bulgaria. Verification of these claims is currently underway, authorities confirmed.

To date, six individuals have been arrested in connection with the Torres scam, while nine others remain at large, including eight Ukrainians and one from Turkiye. More than 12,700 investors were defrauded, losing a total of Rs 130 crore to the scheme.

The EOW has managed to recover assets valued at Rs 35 crore, including cash, and is seeking court approval to auction off items seized from the accused, including vehicles and office equipment. Such measures could potentially return approximately Rs 40 crore to the scammed investors.