The Bombay High Court on Wednesday sharply criticized the response of law enforcement to the Torres investment scam, accusing the police of dereliction of duty in their sluggish approach to the case. The scam, involving the jewellery company Torres, has reportedly cheated investors out of crores of rupees through deceptive Ponzi and multi-level marketing schemes.
Justices Revati Mohite Dere and Neela Gokhale of the division bench expressed disappointment at the lack of prompt action from the police, stating, “Nobody has acted with alacrity.” The court emphasized the need for police vigilance to protect common citizens from such financial frauds and called for mechanisms to prevent similar scams in the future.
During the proceedings, the court was informed by Public Prosecutor Hiten Venegaonkar that the Mumbai police’s Economic Offences Wing (EOW) had arrested three individuals, including two foreign nationals. Despite these arrests, significant concerns remain about the broader handling of the scam, particularly as eight of the twelve wanted accused had already fled the country by late December 2024.
The court ordered increased security measures for Abhishek Gupta, a city-based chartered accountant who claimed to be the whistleblower in the case and had petitioned the High Court seeking police protection. The justices also demanded a comprehensive probe report, which Venegaonkar provided, detailing the ongoing investigations and the steps taken so far.
Venegaonkar disclosed that apart from the main case handled by the EOW, four additional FIRs had been registered across various police jurisdictions including Navi Mumbai, Thane, Navghar, and Mira Bhayandar. In response, the High Court directed that all these cases be consolidated under the EOW, with the option to form a Special Investigation Team (SIT) if deemed necessary.
The court has scheduled the next hearing for eight weeks later, maintaining close oversight of the unfolding investigation. This case has drawn significant public interest, with over 3,700 investors claiming they were defrauded of more than ₹57 crore. The controversy peaked earlier this month when numerous investors converged at the Torres Vastu Centre in Dadar (West), seeking redress after the company ceased payments.
