ED conducts searches at Mumbai, Jaipur in Torres Ponzi scheme money laundering case

Vijay V Singh / TNN / Updated: Jan 23, 2025, 14:13 IST

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The Enforcement Directorate is investigating the Torres Ponzi scheme, raiding 13 locations in Mumbai and Jaipur. The scheme, involving deceptive multi-level marketing, defrauded over 18,000 individuals, netting crores of rupees. Eight accused, including seven Ukrainians, escaped before the probe began. Two directors and a senior executive have been arrested so far.

ED conducts searches at Mumbai, Jaipur in Torres Ponzi scheme money laundering case

The Enforcement Directorate (ED) has conducted searches in Mumbai and Jaipur regarding the Torres investment scam, which defrauded over 3,700 investors of more than Rs 57 crore

MUMBAI: The Enforcement Directorate has initiated a money laundering investigation into the Torres Ponzi scheme, conducting raids across 13 locations - ten in Mumbai and three in Jaipur.
The company behind the Torres brand stands accused of amassing substantial sums through deceptive offerings and fraudulent multi-level marketing (MLM) schemes. In a significant development, eight of the twelve accused individuals, comprising seven Ukrainian nationals and one Indian, managed to leave India before law enforcement could begin their investigation.
Multiple complaints were lodged against Torres across various police jurisdictions including Navi Mumbai, Thane, and Mumbai. Previously, the Shivaji Park police had taken into custody two directors and a senior executive from Platinum Hern Pvt Ltd, the organisation operating the Torres jewellery chain.
The investigation revealed that the accused allegedly defrauded over 18,000 individuals from Mumbai, Navi Mumbai, Thane and Mira-Bhayander regions, with the total fraud amounting to crores of rupees through various investment schemes.

About the Author

Vijay V Singh

Vijay V Singh has worked for various print and online publications before joining The Times of Indiain 2008. He covers crime and takes a keen interest in criminology. His hobbies include travel (especially on bikes), reading and cricket.

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