Economic Fraud
ED Raids 10 Locations in Rs 1,000 Crore Torres Jewellery Fraud Case
The Enforcement Directorate (ED) launched a major crackdown on Thursday, raiding ten locations across Mumbai and Jaipur in connection with the Rs 1,000 crore Torres Jewellery fraud case. The action stems from a Mumbai Police complaint, which unearthed suspected money laundering operations tied to the scam.
The Torres Jewellery scheme reportedly duped over one lakh investors, mainly from Mumbai and surrounding areas, by promising attractive returns on investment schemes. The fraudulent operation involved Ponzi and multi-level marketing (MLM) tactics under the Torres brand, leaving investors with massive financial losses.
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During a hearing on Wednesday, the Bombay High Court was informed that eight of the 12 accused in the case, including seven Ukrainians and one Indian, fled India before December 30, 2024. The revelation drew sharp criticism from the division bench of Justices Revati Mohite Dere and Neela Gokhale, who accused the police of “dereliction of duty” in handling the case. The court emphasized the need for swift action to prevent further investor losses and expressed dissatisfaction with the lack of urgency shown by the authorities.
The bench also indicated the possibility of forming a Special Investigation Team (SIT) to expedite the probe, highlighting the gravity of the case. The next hearing is scheduled in eight weeks, with the court stressing the need for robust mechanisms to prevent similar frauds in the future.
The State informed the court that all FIRs registered in Navi Mumbai, Thane, and Mumbai would be transferred to the Economic Offences Wing (EOW) for a unified investigation. The ongoing probe aims to track down the absconding accused and uncover the full scale of the financial fraud, ensuring justice for the defrauded investors.
