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Mumbai: Enforcement Directorate (ED) has initiated a money-laundering investigation into the Torres Ponzi scheme after conducting raids at 13 locations— 10 in the city, three in Jaipur—on Thursday.
ED’s raids continued at some of the locations till late in the night.
The company, Platinum Haren Pvt Ltd, was running Torres Jewellery outlets at Dadar, Mira-Bhayander, and other places. It promised high returns on gold and silver purchases and paid weekly. Investors panicked after returns stopped after a few weeks, which exposed the fraud.
Separate FIRs were registered based on which ED registered the money laundering case. It is alleged the company cheated over 18,000 in Mumbai, Navi Mumbai, Thane, and Mira-Bhayander of crores of rupees through its investment schemes. —Vijay V Singh
Mumbai: Enforcement Directorate (ED) has initiated a money-laundering investigation into the Torres Ponzi scheme after conducting raids at 13 locations— 10 in the city, three in Jaipur—on Thursday.
ED’s raids continued at some of the locations till late in the night.
The company, Platinum Haren Pvt Ltd, was running Torres Jewellery outlets at Dadar, Mira-Bhayander, and other places. It promised high returns on gold and silver purchases and paid weekly. Investors panicked after returns stopped after a few weeks, which exposed the fraud.
Separate FIRs were registered based on which ED registered the money laundering case. It is alleged the company cheated over 18,000 in Mumbai, Navi Mumbai, Thane, and Mira-Bhayander of crores of rupees through its investment schemes. —Vijay V Singh
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