After defrauding thousands of investors in India through the Torres investment scheme, the prime accused are now reportedly running a similar scheme in Bulgaria. The Mumbai Economic Offences Wing (EOW) has received information indicating that the fugitives have opened new showrooms under a different name in Bulgaria to continue their fraudulent operations. The police are currently verifying this information, and necessary action will be taken, according to sources.
So far, 12,783 investors have approached the EOW, with the total fraud amount exceeding ₹130 crore. The scam has primarily affected investors from Mumbai, Navi Mumbai, Thane, and Mira-Bhayandar.
In connection with the Torres case, the EOW has seized properties worth ₹35 crore. Additionally, the agency has sought permission from the MPID Court to auction off assets linked to the Torres company, including furniture, electrical appliances, 7 to 8 luxury vehicles, and precious stones valued at ₹1.5 crore. The process to appoint the District Collector as the competent authority for further proceedings has also begun, with official permission being sought.
The scam, masterminded by a Ukrainian national, caused massive financial losses to thousands of investors. Eight Ukrainian nationals and one Turkish national, all accused in the case, are currently absconding. The police have issued a Blue Corner Notice against key suspects, including Olena Stoyan, Viktoria Kovalenko, Mustafa Karakoch, Oleksandr Boravyk, Oleksandr Zhapychenko, Oleksandra Brunkiwska, Oleksandra Tredokhib, Artem Oliferchuk, and Iyurchenko.
It is suspected that the mastermind transferred ₹200 crore from the fraudulent operations to foreign accounts. Alert investors had tipped off the authorities via email before the scam surfaced. The Enforcement Directorate (ED) is also investigating the case and has conducted raids at 13 locations in Jaipur and Mumbai, seizing crucial documents and digital evidence.
Furthermore, bank accounts belonging to M/s Platinum Hearn Pvt. Ltd. (Torres Jewellery) and its allied firms have been frozen, with a total balance of ₹21.75 crore seized, according to official sources.
The investigation is ongoing, and authorities are working to track down the absconding accused and recover the defrauded funds.