Torres Scam: MPID Court Allows EOW To Auction Assets, Offers Relief To 14,000 Duped Investors

Mumbai: In a major relief to the investors duped in the Torres scam, the special MPID court has allowed the Economic Offences Wing (EOW) to auction the properties of the accused and use the proceeds to settle claims of the investors. As per the chargesheet, around 14,000 investors lost Rs142 crore.

The EOW had informed that it seized diamonds, jewels, moissanite stones during raids at Torres showrooms. It had approached the court, seeking nod to sell them and deposit money in a bank.

The court has directed the agency to get valuation of moissanite stones and other valuables. The EOW should proceed with the auction on the basis of the valuation report, said the judge, adding that the amount be deposited in a new account. The agency has to later submit a compliance report.