Torres Scam: ₹35 Crore Seized Assets To Be Distributed Among Investors; EOW Seeks Court Approval For ₹1.25 Crore Furniture Auction

Mumbai: The Economic Offences Wing (EOW) has initiated the process of distributing ₹35 crore worth of seized assets to investors who were defrauded in the Torres brand scam.

The scam involved luring investors with promises of double returns and swindling them out of crores of rupees.

EOW has filed an application with the MPID (Maharashtra Protection of Interest of Depositors) court, seeking permission to auction ₹1.25 crore worth of furniture from a seized showroom in Dadar.

Additionally, a company that supplied stones for the Torres brand is willing to reclaim the seized stock, for which EOW has also sought court approval. If granted, these steps will provide some relief to the defrauded investors.

The fraud was orchestrated through Platinum Hearn Pvt. Ltd., the parent company behind the Torres brand. The scheme promised lucrative returns and misled over 1.25 lakh investors, resulting in a multi-crore scam.

The case is being investigated by the Shivaji Park Police Station and EOW. So far, six accused have been arrested, and authorities have seized assets worth ₹35 crore, including cash, bank accounts, gold, silver jewelry, and precious stones.

The scam has affected thousands of investors, with 12,783 victims officially filing complaints so far, claiming a total fraud of ₹130 crore. Once the seized assets are liquidated and distributed, investors are expected to receive partial relief. The investigation is ongoing, and more victims are expected to come forward.