Torres scam: Rs 5 cr cash seized; scam amount estimated at Rs 22 cr

The Economic Offences Wing (EOW) of Mumbai Police which is probing the Torres investment scam has seized Rs 5 crore in cash, deposited by investors, from a Torres jewellery store in Dadar and a flat in the city, an official said on Friday.

The estimate of the total amount involved in the scam stood at Rs 22 crore, he said.

The seizure was made during searches on Thursday.

Some investors had handed cash to the company for making deposits after encountering snags in its online system, the official said. As much as Rs 77 lakh were recovered from a flat rented by Tania alias Tazagul Karaxanovna Xasatova (52), one of the accused, in Colaba in south Mumbai.

Xasatova worked as a general manager at the Torres store, the official said. Police also recovered over a thousand 'precious stones'. While the company charged its investors thousands of rupees for these stones, their actual value was around Rs 300 apiece, he said. Torres allegedly duped hundreds of depositors by promising them high returns on investment. More and more investors are coming forward to lodge a complaint, the official said. So far, three persons, including Xasatova, have been arrested. Among those absconding are two Ukrainian nationals who are believed to have fled to their country.