13-Jan-2025 10:46 PM
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Mumbai, Jan 13 (Reporter) A special court on Monday extended the police custody of three of the accused arrested in the alleged Torres investment fraud, in which around 1.25 lakh investors are suspected to have lost Rs 1,000 crore, until January 18.
Jewellery store Torres, which has six showrooms across Maharashtra, is accused of offering high-return investment opportunities to people and later duping them.
During search operations at the chain’s main store in Dadar last week police seized cash, gold and silver valued at approximately Rs 9 crore.
The expansive 11,500-square-foot store in Dadar, which served as the chain’s flagship outlet, had been operating at a steep monthly rent of Rs 25 lakh, according to police sources
Meanwhile, two Ukrainian nationals, including a woman, have been identified as the masterminds of the Ponzi scam .
The Economic Offences Wing of Mumbai Police, which is investigating the alleged Torres jewellery scam, has zeroed in on the role of Ukrainian nationals Artem and Olena Stoin and is trying to track them down.
According to police sources, the two played a key role in conspiring how people can be lured with huge returns on their investment in gemstones, gold and silver...////...