Torres Jewellery Ponzi Scam: EOW Arrests Seventh Accused In ₹130 Crore Fraud, Conducts Mulund Residence Searches

Mumbai: The Economic Offences Wing (EOW) of the Mumbai Police arrested Lallan Singh (58) from a mall in Navi Mumbai last night in connection with the multi-crore Torres scam. Lallan had been absconding for over a month, and his arrest brings the total number of accused in custody to seven. Police revealed that Lallan had even traveled to the ongoing Maha Kumbh Mela in Prayagraj, Uttar Pradesh, during his time on the run.

Investigations uncovered that Lallan was involved in laundering approximately ₹13.78 crore in cash. After presenting him in the MPID Court, the judge remanded him to police custody until February 25. Today, EOW officers took him to his residence in Mulund for further searches.

Lallan reportedly established four to five companies, using them to funnel cash deposits into bank accounts before issuing checks to Torres, giving the impression of legitimate financial transactions. Notably, his companies were advertised on ‘Just Dial,’ which reportedly led M/S. Platinum Hearn Private Limited—the owner of Torres Jewelry—to establish contact with him. Officials also confirmed that Lallan Singh is divorced.

The scam, which involved luring investors with promises of high returns, has led to 12,783 complaints filed with the EOW so far. Investigators estimate that the accused have defrauded people of ₹130 crore before fleeing. Recent intelligence suggests that they have set up operations in Bulgaria.

Meanwhile, the Enforcement Directorate (ED) has launched a separate probe and conducted searches at Lallan’s Mulund residence. Additionally, the EOW has issued a 'Blue Corner' notice against Ukrainian suspects who remain at large.