Three individuals, including two foreign nationals, have been arrested in connection with the Torres scam in which investors were allegedly duped of Rs 13.48 crore. The accused face charges under the Maharashtra Protection of Interest of Depositors Act.
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The Shivaji Park police have arrested three individuals, including two foreign nationals, in connection with the Torres scam. The accused are allegedly involved in duping investors of Rs 13.48 crore under the pretext of offering returns through investments in the luxury jewellery brand based in Mumbai and Navi Mumbai.
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The arrest follows an FIR registered against Ashok Surve, the director of Torres, and four other individuals. The scam came to light on January 6 when investors, who had trusted the brand's promise of returns, were shocked to find the brand's stores in Dadar and Navi Mumbai’s Sanpada shut without any prior notice. Investors then approached the Shivaji Park police station to file an FIR and demand the return of their principal investment.
According to the investors, the company had promised weekly returns but stopped disbursing funds for the week of January 1. Some investors mentioned they had received their returns until December 30 but were left in the dark for January. One investor, Pradip Devilya, expressed concern about the uncertainty surrounding the return of their money, saying, “The store is shut, and we don’t know when we will get the money back.” Another investor, Mutuza Jarora, explained he had invested Rs 1 lakh after being promised returns of 10-11% over 52 weeks, but now the store’s closure had left him worried about his money.
Several investors, some of whom had invested significant sums, reported a similar situation of uncertainty, as the brand's owners have not responded to calls. The total amount invested by one family, who invested in the brand on the basis of its promises, was around Rs 50 lakh.
The Shivaji Park police have registered a case against the five accused under the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999.
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