The Mumbai police are investigating a big fraud case involving Torres investment, and new information has come to light. Some people involved are now wanted for starting similar scams in Bulgaria. So far, the police have caught six people, but nine more are still on the run—eight from Ukraine and one from Turkey.
This scam tricked over 12,700 people out of a massive Rs 130 crore (that’s 1.3 billion rupees)! The police are working hard to check out these new schemes in Bulgaria, as the suspects are supposedly using a different company name. If they confirm this information, they will inform the police in Bulgaria for further action.
The Economic Offences Wing (EOW) has managed to recover property worth Rs 35 crore, including cash! They are also asking the court to sell various items like cars and furniture that were used by the scam company. If the auction goes well, they hope to return around Rs 40 crore to the victims of the fraud.
The company behind this mess, Platinum Hern Pvt Ltd, which owns the Torres jewelry brand, is accused of tricking investors with fake promises of high returns using Ponzi schemes and multi-level marketing (MLM) tricks.
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