193 Investors Duped Of ₹4.5 Crore In Navi Mumbai With Fake Promises Of High Returns. |
Navi Mumbai: The Torres company has been found to have cheated 193 people in Navi Mumbai to the tune of Rs 4.50 crore, according to the police investigation so far. It is expected that the number of complainants will rise and the amount of the fraud will increase.
“The Financial Intelligence Unit (FIU) seized hard disks, laptops, mobile phones, and other materials from the company’s office in Sanpada, and further investigation is underway,” said Deputy Commissioner of Police (crime branch), Amit Kale.
The FIU became aware of irregularities at Torres Company a month ago, prompting an investigation. As part of the inquiry, a police officer from the FIU was sent undercover as a fake customer to purchase moissanite stones.
The company even gave the officer a 9% bonus. During the verification, it was discovered that Torres Company had no right to accept deposits, yet it was found to have been accepting deposits and coercing investors into making additional investments by offering them interest rates of up to 12%.
Furthermore, the company lured investors by promising unusually high returns if they brought in more investors through a chain method. It was also revealed in the FIU’s investigation that the company created a false impression that synthetic moissanite stones would be more valuable than diamonds in the future.
Consequently, as the FIU prepared to take action against the company, the company’s owners shut down the office and fled. The FIU then filed a criminal case.
The investigation so far has revealed that Torres Company cheated 193 investors of Rs 4.50 crore. “We believe the number of complaints and the amount of fraud may increase. We have seized computers, hard disks, laptops, mobile phones, and other documents from the company’s office, and further investigation is being conducted by the FIU. We are also working on obtaining custody of the arrested accused,” Kale added.
People were being deceived by making them purchase the moissanite stones at prices ranging from Rs 6,000 to Rs 7,000, with the promise of excessive returns in exchange.
A year ago, the Navi Mumbai Police Commissionerate set up a FIU to prevent economic crimes.
This unit investigates companies and establishments that cheat citizens, conducting confidential inquiries and taking appropriate legal action.
The unit also inspects shops and offices in malls, collecting information about the businesses operating there and ensuring that they are conducting the activities they have licensed for. If any irregularities are found in a company’s dealings, the unit takes legal action against them.