Torres scam in Thane pegged at Rs 11 crore so far; cops ask victims to file complaints

Thane: 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 Economic Offences Wing (EOW) of the Thane police, probing the scam that came to light in January this year, has made the appeal even as the agency intensified its investigation into the fraud spread across multiple cities, including Mumbai.

In Thane alone, police have pegged the scam amount at more than Rs 11 crore so far with over 1,400 duped investors identified.

Assistant Commissioner of Police (EOW) Datta Phabale said, "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." 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 investigation gained momentum following a complaint filed in January by a victim in Thane who was cheated 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 (firm that floated the brand Torres Jewellery), Victoria Covalanco, Sarvesh Surve and Abhijit Gupta, among others.

Speaking to PTI, 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." In his appeal, the ACP said "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." Police in Mumbai, where the scam first came to light nearly five months ago, are carrying out a separate probe and had 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.