Wanted Accused in Torres Scam Launches New Investment Scheme in Bulgaria Under Different Company Name

The Economic Offences Wing (EOW) of Mumbai police is investigating the Torres investment scam. Officials have discovered that the accused have initiated similar schemes in Bulgaria. These schemes are reportedly under a different company name. The EOW is working to confirm this information and plans to share it with Bulgarian authorities through official channels once verified.

During the investigation, it was revealed that 12,783 investors were defrauded of Rs 130 crore. The EOW has managed to recover assets worth Rs 35 crore, including cash. They are seeking court permission to auction cars, furniture, and electrical equipment used by the company. This could potentially return around Rs 40 crore to the investors.

Investment Scam Details

Platinum Hern Pvt Ltd, which owns the Torres jewellery brand, is accused of deceiving investors through Ponzi and multi-level marketing (MLM) schemes. The firm lured investors with promises of high returns on their investments. So far, six individuals have been arrested in connection with the case.

Nine suspects remain at large, with eight hailing from Ukraine and one from Turkey. The EOW continues its efforts to apprehend these individuals as part of their ongoing investigation into the scam.

International Implications

The EOW's findings about similar schemes in Bulgaria highlight the international scope of this scam. By collaborating with Bulgarian law enforcement, they aim to prevent further fraudulent activities and bring those responsible to justice.

The investigation underscores the need for vigilance against investment scams that promise unrealistic returns. Authorities urge potential investors to conduct thorough research before committing their funds to any scheme.

The EOW's proactive measures in recovering assets and seeking auctions demonstrate their commitment to mitigating investor losses. Their efforts continue as they work towards resolving this complex case.