A Mumbai court has allowed the Economic Offences Wing (EOW) to sell seized gold, silver and moissanite jewellery linked to an alleged Ponzi scheme by Torres Jewellers. The scam defrauded thousands of investors in the Mumbai Metropolitan Region of crores of rupees.
The court order came on a plea by the EOW, which sought permission to sell the seized assets. The authorities have been directed to first carry out a valuation and then deposit the sale proceeds in a newly opened bank account.
Evolution of the scam
The fraud came to light a few days ago when aggrieved investors protested outside Torres Jewellers stores across Mumbai. The company lured customers with promises of high weekly returns on investments in gold and moissanite jewellery.
Investigations revealed that Platinum Hern Pvt Ltd, the parent company of Torres Jewellers, did not hold a licence from the Reserve Bank of India (RBI) and was suspected of money laundering. The accused are suspected of misappropriating funds to buy properties instead of paying returns.
Court Directives
Special Judge NP Mehta ordered:
- The EOW must supervise the sale of the seized assets in conjunction with the Commissioner of Police (CP).
- The entire process must be videotaped for inclusion in the charge sheet.
- A valuation report must be prepared before the sale.
Ongoing Investigations
The court is currently hearing bail pleas of several accused. Six people have been arrested so far.
The EOW has also issued:
- A lookout notice
- A blue corner notice
Against the main suspects, including Olena Stoian, Viktoria Kovalenko and other directors of Platinum Hern Pvt Ltd, who are still at large.
The case highlights the risks of high-return investment schemes and the growing scrutiny of unregulated financial operations. Authorities are continuing to hunt for those involved.
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