Mumbai Police Seizes Rs 5 Crore in Torres Investment Scam Estimated at Rs 22 Crore

The Economic Offences Wing (EOW) of Mumbai Police is investigating the Torres investment scam. They have seized Rs 5 crore in cash from a Torres jewellery store in Dadar and a flat in Mumbai. This money was deposited by investors, according to an official statement on Friday. The total amount involved in the scam is estimated to be Rs 22 crore.

During searches conducted on Thursday, some investors had given cash to the company due to issues with its online system. An official mentioned that Rs 77 lakh were found in a flat rented by Tania alias Tazagul Karaxanovna Xasatova, aged 52, in Colaba, south Mumbai. Xasatova was employed as a general manager at the Torres store.

Investigation Uncovers Fraudulent Practices

Police also discovered over a thousand precious stones during their investigation. Although the company charged investors thousands of rupees for these stones, their actual worth was approximately Rs 300 each. Torres allegedly deceived hundreds of depositors by promising them substantial returns on their investments.

As more investors come forward to file complaints, three individuals, including Xasatova, have been arrested so far. However, two Ukrainian nationals involved in the scam are currently absconding and are believed to have fled to their home country.

The EOW's ongoing investigation aims to uncover the full extent of the fraudulent activities and bring all responsible parties to justice. The authorities are urging affected investors to report any information that could aid in the investigation.