The Economic Offences Wing (EOW) has made a breakthrough in Torres Scam by arresting 58-year-old Lallan Singh on Wednesday, February 20, who was at large.
Singh is accused of misappropriating nearly INR 14 crore invested by individuals into a group of companies. He allegedly laundered the funds and routed them back to Torres in legitimate currency. This marks the seventh arrest in connection with the case.
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According to officials, the accused was arrested in Navi Mumbai after reportedly hiding in Prayagraj during the Kumbh Mela over the past few weeks. The Enforcement Directorate (ED) had previously conducted raids at premises linked to Singh as part of their ongoing investigation.
The Torres investment scam centers around Platinum Hern Pvt Ltd, the company behind the Torres jewellery brand. The firm has been accused of running a Ponzi scheme and using multi-level marketing (MLM) tactics to defraud investors. More than 10,800 investors have lodged complaints with the Mumbai Police, alleging they were duped in the fraud. The total amount defrauded from the investors is believed to exceed INR 57 crore, police officers stated.
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