₹18-crore properties to be attached in Torres scam
Major Asset Recovery: 18 Crore Properties to Be Attached in Torres Scandal
Bharatmorningnews.com – The Maharashtra government has moved decisively to secure investor funds by ordering that 18 crore properties to be attached in connection with the massive Torres investment fraud. This landmark action targets assets worth approximately ₹18 crore linked to the scheme that defrauded more than 100,000 participants across India. The fraudulent operation promised extraordinary returns on investments made in precious stones and ornamental jewellery, drawing in thousands of eager investors who believed they were securing their financial future through this innovative platform.
Comprehensive Asset Freezing Order
Through an official notification issued on July 28, authorities mandated the immediate freezing of 24 bank accounts registered under Platinum Hern Pvt Ltd alongside multiple individuals and organizations suspected of involvement in the scam. The accounts span across various entities including Sarvesh Surve, Tazagul Khasatova, Karaxanovaa Xasatova, Tanya Xasatova, Mohammad Tausif Riyaz, Alpesh Khara, A and A Jewellry, Prisah Advisory Private Limited, Prisah Finance and Investment INC, Miracle, Lallan Jameedar Singh, Astrozen Pharmaceuticals Private Limited, Mulund Online Services, and Sunil Restaurant and Bar.
The seized assets encompass holdings belonging to the company's chairperson, board directors, managers, promoters, staff members, and additional individuals reportedly connected to the fraudulent operation. This extensive list demonstrates the breadth of the network that facilitated the Torres investment scheme and its subsequent collapse.
Investigation Timeline and Key Developments
The fraud came to light during the latter part of 2024 when payment distributions ceased and Torres retail locations suddenly closed their doors. This prompted numerous investors to file complaints with law enforcement agencies across multiple cities. While police have executed more than ten arrests so far, the primary Ukrainian organizers have escaped to foreign countries, complicating efforts to bring all perpetrators to justice.
Law enforcement officials confirmed receiving grievances from 14,157 investors across different Torres schemes, with total losses amounting to ₹142.58 crore. The scale of this financial disaster has made it one of the largest investment fraud cases in Maharashtra's recent history, drawing attention from both state and central authorities.
Detailed Breakdown of Recovered Assets
The comprehensive asset inventory includes ₹9.58 crore in cash recovered during raids conducted at 13 separate locations encompassing Torres showrooms, corporate offices, and residential premises. Additional holdings comprise 3.89 kilograms of gold worth roughly ₹3.79 crore, 85.18 kilograms of silver valued at ₹88.68 lakh, 33,326 precious gemstones assessed at approximately ₹1.53 crore, and furniture along with electronic equipment totaling ₹2.19 crore.
These recovered assets represent only a portion of what investors are owed, but they form the foundation for the upcoming auction process that will help distribute funds back to affected participants.
Legal Framework Governing the Attachment
The attachment proceedings operate under sections 4(1) and 5(1) of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999, commonly referred to as the MPID Act. Both the corporate entity and associated individuals face charges under multiple provisions of the Bhartiya Naya Sanhita, 2023, alongside section 3 of the MPID Act for defrauding investors.
A deputy collector has been appointed to assess the value of the attached properties. Following the court's clearance, these properties will be auctioned to recover the investors' money.
This statement came from a senior official within the home department outlining the recovery mechanism for defrauded participants. The systematic approach ensures transparency and fairness in how the recovered assets will be distributed among the thousands of affected investors.
Frequently Asked Questions
Q: When will the attached properties be auctioned? A: The auction process will begin after the deputy collector completes the valuation assessment and obtains necessary court clearance, which is expected within the next few months.
Q: How will investors receive their compensation? A: Investors who have filed formal complaints and registered with the authorities will receive proportional compensation based on the amount they invested and the total funds recovered through the auction.
Q: What is the total number of investors affected? A: According to official records, 14,157 investors have filed grievances across different Torres schemes, with combined losses totaling ₹142.58 crore.
Q: Are the main organizers still at large? A: Yes, the primary Ukrainian organizers have fled to foreign countries, but international cooperation efforts are underway to locate and potentially extradite them.
Q: What legal charges have been filed against the accused? A: The accused face charges under multiple provisions of the Bhartiya Naya Sanhita, 2023, and section 3 of the MPID Act for defrauding investors through false promises of high returns.