According to sources, the ED’s case is based on an FIR registered by the Shivaji Park Police in Mumbai
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The Enforcement Directorate (ED) has registered an ECIR under relevant sections of the Prevention of Money Laundering Act (PMLA) in connection with the Torres Ponzi scheme case. It is alleged that large-scale financial fraud took place in this case, where the accused duped lower-middle-class investors by promising high returns.
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According to sources, the ED’s case is based on an FIR registered by the Shivaji Park Police in Mumbai. The complainant, a vegetable vendor, claimed that approximately 1.25 lakh investors had invested in Torres. Given the seriousness of the matter, the case was later transferred to the Economic Offences Wing (EOW) for further investigation. The EOW has so far 2000 complainants who have invested with Torres.
Meanwhile, the Economic Offences Wing (EOW) investigating the Torres scam informed the court that the diamonds and stones sold to thousands of investors were fake. They established this during the initial stages of the investigation, while detailed reports on the gold jewellery are still awaited.
Officials revealed that stones worth Rs 500 to Rs 1000 were sold at exorbitant prices in the guise of high-value gems. Most of the victims, primarily from the lower middle class, were duped using certificates displayed on a website, gra-gems.com, which was allegedly created by Ukrainian scammers. The three accused arrested in the case were produced before the court, and their custody has been extended for further investigation by the EOW.
The EOW has discovered that the scam was a well-organised Ponzi scheme orchestrated by Ukrainians, primarily targeting the Indian lower middle class who could invest amounts between Rs 40,000 and Rs 50,000. The scammers created a website displaying details of the stones being sold, along with certificates provided to customers. Each certificate contained a unique number that could be scanned using a smart card, showing the stone’s details to reassure buyers.
“Every customer was given identical smart cards with a scanner code. Even after the scam, the cards allowed customers to check the stone details for added satisfaction. In reality, the authenticity of such stones and diamonds is certified internationally by organisations like the GIA [Gemological Institute of America] and IGI [International Gemological Institute],” an officer explained.
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