The Bombay High Court on Wednesday expressed strong displeasure over the sluggish pace of the Mumbai Police’s investigation into the Torres investment scam, directing immediate police protection for the whistleblower, Chartered Accountant Abhishek Gupta. Justices Revati Mohite Dere and Neela Gokhale criticized the Economic Offenses Wing (EOW) for its inefficacy and ordered heightened security measures for Gupta amid concerns for his safety.
Abhishek Gupta, who audited the accounts for Platinum Hern Pvt Ltd, the parent company of the Torres jewelry brand, claims to have uncovered fraudulent activities involving Ponzi and multi-level marketing (MLM) schemes that deceived hundreds of investors. Despite Gupta alerting the authorities as early as June 2024, the police allegedly failed to act before investors started filing complaints.
During the hearing, the High Court bench lambasted the EOW, stating, “We are shocked at the manner in which the investigation is progressing. Somewhere, the police are responsible. They had so much information.” The court was particularly critical of the police’s delay, which purportedly allowed two foreign nationals, among the accused, to flee the country.
The judges also highlighted the police’s failure to secure crucial evidence such as CCTV footage from the company’s offices and the hotels where the accused had stayed, which could have potentially prevented their escape. “This is a specialized agency. We expect promptness; otherwise, the accused will flee,” the court admonished.
So far, the police have recovered Rs 25 crore, which the court noted was a fraction of the total amount swindled. The frustration with the slow recovery process was palpable, with the court emphasizing the need for more effective action and criticizing the police for not protecting crucial evidence.
In response to the perceived threat to Gupta’s safety, Additional Public Prosecutor Prajakta Shinde informed the court that the police were still assessing the threat level but had not yet finalized their report. The court, however, mandated immediate protection, reflecting its concern over the whistleblower’s vulnerability.
The High Court has scheduled the next hearing for January 22, during which the Assistant Commissioner of Police (EOW) is expected to be present via video conference to report on the progress of the investigation and the measures taken to secure Gupta’s safety.
