Torres Fraud Case: Mumbai Special PMLA Court Rejects EOW Plea To Release ED-Attached Properties Worth ₹1.75 Crore

Mumbai, October 26, 2026: A special Prevention of Money Laundering Act (PMLA) court has rejected an application filed by the Economic Offences Wing (EOW) seeking the release of properties attached by the Enforcement Directorate (ED) during its money laundering investigation into the Torres fraud case. The EOW had sought the properties to compensate affected investors.

The EOW claimed that around 14,000 investors suffered losses totalling Rs 142 crore at the hands of Platinum Hern Pvt Ltd, which operated the jewellery brand Torres.

The company allegedly lured investors with promises of 6% weekly returns on investments through the purchase of jewellery studded with moissanite, an alternative to diamond, but instead absconded with substantial investment funds. Following the EOW investigation, the ED also initiated a money laundering probe and attached properties worth Rs 1.75 crore.

EOW Seeks Release Of Attached Properties

The prosecution, while seeking the properties, submitted that the EOW had attached assets worth Rs 18.24 crore during its investigation and initiated action against the accused. However, it claimed that it could not attach properties worth Rs 1.75 crore because the ED had already attached them.

The prosecution argued that if these properties were not handed over to the state agency, depositors would suffer irreparable losses. It said the agency needed to ensure that depositors received their respective shares.

The ED also expressed no objection to releasing the properties to the state agency, provided they were restituted to the legitimate claimants who had suffered quantifiable losses.

Court Rejects Prosecution's Plea

The court, however, noted the agencies' contention that an order could be passed for the release of attached properties to investigating agencies for confiscation if the trial had not begun for “any other reasons”.

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“There has to be reasonable ground as to why the trial has not commenced and what steps and efforts are made by the Prosecution to proceed with the trial. Just because the trial has yet not commenced, does not give the right to any Investigating agency to claim the attached property,” the court said while rejecting the prosecution's plea.

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