Wed Jan 22 18:49:30 IST 2025: ## Bombay High Court Slams Police Inertia in Torres Jewellery Scam

**Mumbai, [Date of Publication]** – The Bombay High Court sharply criticized Mumbai police for their delayed response to the Torres jewellery investment scam, calling it a “dereliction of duty.” The court highlighted the lack of prompt action despite early warnings, resulting in significant financial losses for thousands of investors.

The scam, allegedly perpetrated by Platinum Hern Pvt Ltd, the parent company of the Torres jewellery brand, involved a Ponzi and multi-level marketing scheme that defrauded over 3,700 investors of more than ₹57 crore (approximately $6.9 million USD). The fraudulent activities, which promised attractive returns, came to light earlier this month when investors, unable to receive promised payments, gathered at the company’s store.

While the Mumbai police’s Economic Offences Wing (EOW) has arrested three senior executives – including two foreign nationals – the High Court noted that eight of twelve wanted accused fled the country before December 30, 2024. The court expressed concern that despite knowing the locations and travel history of these individuals, sufficient action had not been taken.

The court’s criticism stems from evidence suggesting police were aware of the scam as early as June 2024, yet failed to act decisively. Justice Revati Mohite Dere and Justice Neela Gokhale emphasized the need for quicker responses to protect citizens from such financial crimes. The court has ordered that all related FIRs filed across different police jurisdictions – including Mumbai, Navi Mumbai, Thane, Navghar, and Mira Bhayandar – be investigated by the EOW, possibly with the formation of a special investigation team (SIT).

The court’s ruling follows a plea by chartered accountant Abhishek Gupta, who acted as a whistleblower and sought police protection, which was subsequently granted. The High Court has adjourned the case for eight weeks to allow for further investigation. The court’s strong rebuke underscores the need for improved mechanisms to prevent and swiftly address similar investment scams in the future.

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