Overview

• The Torres Jewellery scam, operating under a Ponzi scheme, has defrauded 1.25 lakh investors with promises of exorbitant returns of up to 400% annually.
• Mumbai Police’s Economic Offences Wing (EOW) has arrested three individuals, including two foreign nationals, and seized ₹3 crore in cash and key documents during raids at multiple locations.
• Authorities have frozen over ₹9.5 crore in bank accounts linked to the firm, with more efforts underway to seize additional assets and trace funds.
• Criticism mounts over delayed action by police and tax authorities despite early warnings and suspicious business practices, including fraudulent use of synthetic moissanite stones.
• Key suspects, including the alleged mastermind and foreign nationals, remain at large, with lookout circulars issued as the investigation continues to expand.