Torres scam amount rises to Rs 18.5 cr; promoters had elaborate gift scheme to lure investors
Mumbai, Jan 9: The promoters of Torres jewellery brand, which is being probed for allegedly running a ponzi scheme, promised cars, flats, gift cards and hampers to attract investors, a Mumbai police official said on Thursday.
Hundreds of investors have alleged that they have been duped and a probe into these allegations is being carried out by the Mumbai police's Economic Offences Wing (EOW).
The EOW team visited the brand's showroom in Dadar West during the day as part of investigations, the official said.
"The probe has found the promoters made a combination of ponzi and multi level marketing (MLM) schemes and had promised returns of 3 to 7 percent per week on investments. They promised lucrative returns to those who would spread the schemes and bring in more investors. While giving stones to investors, the promoters had earmarked gift cards, certificates, hampers and cars for them," he said.
"These items were kept for display in the Torres jewellery brand showroom in Dadar. We have recovered them along with stones. A huge amount of cash was also found and this is being counted," the official added.
Deputy Commissioner of Police Sangramsingh Nishandar, who is leading the probe, said the EOW will take all efforts to protect the interest of investors.
"We have opened a special cell at Shivaji Park police station so that those who invested money in the Dadar showroom can fill a form giving details of the money they put in these schemes as well as returns they received so far. Initially, there were 66 investors who had lodged complaints, and the amount was Rs 13.48 crore. This figure has increased to Rs 18.5 crore and is expected to rise further in the days to come," the DCP informed.
"The EOW has conducted searches at various places in connection with the probe. We have arrested three persons and are questioning them," he added.
Another official said EOW teams carried out raids in Colaba, Dadar and Dombivali and some other places and have confiscated important documents, investment papers as well as cash.
"Among the investors who were duped by the company was vegetable seller Pradeep Kumar Vaishya, who lost around Rs 4 crore in the scam. He had collected money from his kin and friends. Amid the probe, hundreds of new investors have approached police," this official said.
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PM did not mention Trump, US; for first time a third country interfered in our matter: Kapil Sibal
New Delhi, May 12 (PTI): Rajya Sabha MP Kapil Sibal on Monday questioned why Prime Minister Narendra Modi neither mentioned the US nor President Donald Trump in his address to the nation despite them "interfering" in India's conflict with Pakistan.
Sibal also said the prime minister did not even state how the understanding with Pakistan on halting military hostilities was reached.
Sibal's attack came after Modi's address to the nation in which he sternly warned Pakistan that India will not succumb to nuclear blackmail and sent a clear message to the world -- terror and trade, terror and talks cannot go together.
"Any talks with Pakistan can happen only on terrorism and Pakistan-occupied Kashmir," the prime minister said.
Modi's assertions about not doing trade with Pakistan came minutes after US President Donald Trump said that he told India and Pakistan that his administration will do trade with them only if they end the conflict.
Reacting to the prime minister's remarks, Sibal said, "We all laud the courage of the armed foreces. People of the country salute them for giving a befitting reply to Pakistan. Whenever such terror attack (Pahalgam) takes place, our army will give a befitting reply."
"Some questions arise from the prime minister's address. He neither mentioned the US nor President Trump. Everyone knows that we were told that on May 10, 3:30 pm DGMO Pakistan called our DGMO and then at 5:30 pm Trump made a post on social media. He (Trump) claimed that the 'US mediated the ceasefire...and we were talking with India and Pakistan for the last 48 hours'," Sibal said at a press conference here.
The Independent Rajya Sabha MP also referred to Trump's remarks just ahead of the PM's address to attack Modi.
President Trump on Monday claimed that his administration stopped a "nuclear conflict" between India and Pakistan, adding that he told the two countries America will do a "lot of trade" with them if they stop the conflict.
"And we helped a lot, and we helped also with trade. I said, 'Come on, we're going to do a lot of trade with you guys. Let's stop it. Let's stop it. If you stop it, we're doing trade. If you don't stop it, we're not going to do any trade'," he claimed.
Referring to Trump's remarks, Sibal said Modi did not speak anything on that also.
"He (Modi) said that we have established a new dimension with Operation Sindoor. Yes, for the first time in India's history, a third country interfered in our matter and told us that they will decide what is to be done...you don't even mention how this understanding was reached (with Pakistan)," Sibal said.
"The second thing was that Modi said if Pakistan does such a thing again, we will give a befitting reply, which means terrorism has not been ended, all terrorists have not been killed and it can happen again. Mr. Prime Minister, I would like to say something, Pulwama happened under whose watch? Pahalgam happened under whose watch? Who will take responsibility for it?" Sibal said.
President Trump did not even mention terrorism in his remarks as if it is not an issue, the former Congress leader said.
India and Pakistan have reached an understanding to stop all firings and military actions on land, air and sea with immediate effect after four days of cross-border strikes that triggered fears of a wider conflict.
In a short announcement, Foreign Secretary Vikram Misri said the directors general of military operations of the two countries agreed on the understanding during a call this afternoon.
The decision by India and Pakistan was first made public by Trump in a social media post while claiming that the talks between the two sides were mediated by the US.
