Mumbai: The special court hearing the Torres fraud case has refused to release Rs 4.55 crore to a vegetable vendor who had invested the amount in the Torres scheme, stating that recovered funds must be distributed equitably among all victims.
The Economic Offences Wing (EOW) had filed a chargesheet in March last year against eight accused, stating that around 14,000 investors had come forward after suffering losses totalling Rs 142 crore. Investigating agencies also suspect that Platinum Hern Pvt Ltd, which operated the Torres scheme, may have duped nearly 1.25 lakh investors of about Rs1,000 crore by promising 6% weekly returns through investments in moissanite bracelets, marketed as an alternative to diamonds.
Pending trial, 28-year-old Pradeep Vaishya, a vegetable vendor, approached the court seeking release of his investment of Rs 4.55 crore. In his plea, Vaishya stated that he was facing severe financial hardship and had invested the amount after borrowing money from friends.
The prosecution opposed the plea, informing the court that a proposal for appointment of a competent authority under the Maharashtra Protection of Interest of Depositors Act had been sent to the state for attachment of the financial institution’s properties.
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