Jewelery company was committing fraud by pretending to give high returns, Rs 5 crore seized in police raid – Mumbai Police which is probing the Torres investment scam has seized Rs 5 crore in cash NTC

Maharashtra Police has taken major action in the Torres investment scam. The Economic Offenses Wing (EOW) of the police has seized Rs 5 crore from Torres Jewelery Store in Dadar, Mumbai and a flat in the city.

Actually, the company was luring investors into investing in gold-silver and moissanite (a precious stone) and giving them huge returns and was extorting money from them.

According to the news agency, the police officer said that the Torres investment scam could be worth Rs 22 crore. He told that on Thursday the Crime Branch team conducted a raid in which Rs 5 crore was seized. The official said that some investors had faced a problem in the company’s online system, after which the investors had given him cash for deposit.

The company was deceiving people

Police have recovered Rs 77 lakh from the rented flat of accused Tajagul Zasatova (52) in Colaba, South Mumbai. An official said Zasatova was working as a manager at the Torres store. Police have seized more than one thousand ‘stones’ during the raid, for which the company was charging many times more money by cheating people, whereas after investigation it has been found that the price of these stones was around Rs 300.

Also read: Owner absconding… Some people arrested, Jewelery company’s fraud, defrauded of Rs 13Cr!

promised high returns

Torres allegedly duped people and promised high returns on investments. Two foreign nationals also had a hand in carrying out this conspiracy. Police have so far arrested three people, including Zasatova, in this case, while two people, who are residents of Ukraine, are absconding. It is believed that both have fled to Ukraine.