On Thursday, the Enforcement Directorate carried out multiple searches linked to the Torres investment fraud case through its money laundering probe. Officials conducted multiple searches throughout Mumbai and Jaipur, Rajasthan, as part of their operation.
The ED launched its investigation based on a criminal complaint under PMLA after the Economic Offences Wing Mumbai Police registered an official complaint. After becoming aware of the situation, the Federal Agency launched its official investigation into financial misconduct.
Officials learned that over 3,700 investors reached out to the Mumbai police to state they had been deceived by the investment scam. Investors who reported being defrauded tell us their combined losses reach more than 57 crores. The Torres jewelery company operates under criticism because investigators found evidence of Ponzi and MLM fraud that scammed investors and destroyed many people’s finances.
The company created financial schemes to trap investors into transactions without delivering valid returns, thus hurting many investors. This case demonstrates why trust-based fraud types such as Ponzi and multiple-level marketing schemes harm investors.
During ongoing investigations, the ED detects and freezes all money linked to fraud. Officials are investigating the financial network behind the organization and determining if more people or entities participated in this extensive money laundering operation.
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