Mumbai: A special court has rejected an application to release a Toyota Glanza G car seized by investigators in the ongoing Torres fraud probe, ruling it as part of the proceeds of crime. The vehicle was claimed by Abdul Khan, a resident of Girgaon, who said he won it in a lucky draw after investing in the scheme run by Torres Jewellers.
Khan approached the court seeking custody of the car, arguing that the probe was complete and a chargesheet had already been filed. He had also paid the registration charges for the vehicle. However, the prosecution opposed the plea, stating that the car was purchased using funds collected from investors as part of the alleged fraud. Although the vehicle was registered in Khan’s name, possession was never handed over to him.
The company paid the dealer directly from the illicit proceeds. Accepting the prosecution’s arguments, the special court observed that Khan’s claim rested solely on the lucky draw allotment. “It is a specific case of the investigating agency and the prosecution that the vehicle has been purchased from the proceeds of crime and the investments of various depositors,” the court noted.
Given the nature of the offence and the case facts, it refused to hand over possession at this stage. The Torres fraud case involves allegations of a large-scale ponzi scheme where thousands of investors were duped through promises of high returns and incentives like lucky draws for cars and other rewards. The EOW is probing the matter, with multiple arrests made, including some foreign nationals.
The scam has seen thousands of complaints and substantial amounts allegedly siphoned off. In a related development, the court also turned down a plea from scam victims seeking directions to the investigating agency. They had requested formation of a special team, engagement of a financial auditor, and expedited steps to trace wanted accused. The court noted that the agency had already initiated necessary actions, making further orders unnecessary
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