Torres scam in Thane grows to Rs 11 crore; police urge victims to file complaints

The probe picked up pace after a complaint was filed in Thane in January by a victim who had been defrauded of Rs 4,240. File Pic

Police in Thane city have issued an appeal to investors who have lost money in the multi-crore Torres investment fraud to come forward and register their complaints, an official said on Friday.

The Thane police's Economic Offences Wing (EOW), investigating the scam exposed in January, has intensified its probe into the multi-city fraud, according to PTI.

In Thane alone, over 1,400 investors have been identified as victims, and the scam amount has been estimated at more than Rs 11 crore.

Assistant Commissioner of Police (EOW) Datta Phabale stated, "An FIR has been registered with the Rabodi police station against a jeweller shop at Khadakpada in Kalyan town who operated under the brand name of Torres and duped customers and investors," reported news agency PTI.

The accused persons lured customers to make purchases from them and invest in their schemes for lucrative returns, which never came through, he said.

The probe picked up pace after a complaint was filed in Thane in January by a victim who had been defrauded of Rs 4,240.

The FIR was registered at the Rabodi police station under Bharatiya Nyaya Sanhita (BNS) sections 318(4) (cheating), 316(5)(2) (criminal breach of trust), and 3(5) (common intention) along with provisions of the Maharashtra Protection of Interests of Depositors (in Financial Establishments) Act (MPID Act).

Those named as accused in the FIR include Tausif Riyaz, CEO of Platinum Hern Pvt Ltd (the firm that floated the brand Torres Jewellery), Victoria Covalanco, Sarvesh Surve and Abhijit Gupta, among others.

Phabale disclosed that "So far the police probe has revealed a total of 1,431 investors have been cheated by this outlet (in Kalyan town) of Rs 11,12,95,543," reported news agency PTI.

In his appeal, the ACP stated, "Those investors who have invested in the outlet and have been cheated like others should come forward and lodge their complaints with the EOW of the Thane police," reported PTI.

Police in Mumbai, where the scam first came to light nearly five months ago, are carrying out a separate probe and have made multiple arrests, including foreign nationals, after the fraud was detected.

The jewellery company is accused of defrauding investors of crores of rupees through a combination of Ponzi and multi-level marketing (MLM) schemes.

(With inputs from PTI)