Mumbai fraud case names 8 accused, 11 wanted

The Economic Offences Wing (EOW) of Mumbai Police has filed a detailed charge sheet in connection with the Torres Jewellery fraud case. This document spans 27,147 pages and names eight individuals as accused, while 11 others, including foreign nationals, are wanted. Among those charged are Lallan Singh, who allegedly laundered ₹13.78 crore through financial institutions. This money was reportedly used to fund Torres Jewellery's operations in Mumbai. The fraud came to light when investors discovered that Ukrainian operators of Torres had fled with their investments. Police reported separate cases against the jewellery brand and its parent company, Platinum Hern Pvt Ltd, in multiple police stations. Following these initial reports, the case was handed over to the EOW for further investigation. The wanted suspects include eight Ukrainians and a Turkish national. The police have filed charges under various laws, including the Bharatiya Nyaya Sanhita and the Maharashtra Protection of Interest of Depositors Act. They have received complaints from over 14,000 investors, who claim losses amounting to ₹142.58 crore. So far, authorities have seized assets valued at ₹32 crore, which include jewellery and vehicles. The charge sheet includes around 280 witnesses, one of whom is a whistleblower who raised concerns about financial discrepancies within the company. The Torres Jewellery scam began in February 2024, enticing investors with unrealistic returns on gold and jewellery purchases. Reports suggest that over ₹200 crore may have been transferred out of India via cryptocurrency.