Mumbai: ED Files Money Laundering case In Connection With Torres Ponzi Scheme

In a major development, the Enforcement Directorate (ED) has initiated a money laundering investigation into the Torres Ponzi scheme, allegedly defrauding investors of approximately ₹38 crore. The probe was triggered after the ED took cognizance of an FIR filed by the Mumbai Police, which had initially registered the case under the Prevention of Money Laundering Act (PMLA).

The scandal revolves around a private firm operating under the ‘Torres’ jewellery brand, where nearly 1,916 investors have accused the company of defrauding them. Investors were promised lucrative returns, including cars, flats, and luxury gifts, but many reported they were not paid the amounts due to them. The Ponzi scheme came to light earlier this month when hundreds of angry investors gathered at the Torres Vastu Centre in Dadar, where the jewellery brand’s store is located, after the company stopped making payments.

So far, the police have arrested three individuals, including foreign nationals Tazagul Xasatov (Uzbekistan), Valentina Ganesh Kumar (Russia), and Sarvesh Surve, all senior executives of the firm. Authorities are also intensifying their investigation, with a ₹38 crore estimate of the fraud, though this figure is expected to rise as more information emerges.

The police and ED are working in tandem to trace the masterminds behind the fraud. The investigation is focused on identifying the key promoters of the Torres brand and tracing the initial funding sources of the company. Meanwhile, the police have issued Look Out Circulars for 11 absconding suspects, including foreign nationals, and plan to summon additional individuals for questioning. The ongoing investigation aims to bring the perpetrators to justice and recover the defrauded amounts.

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