Maharashtra orders attachment of Rs 18 crore Torres Ponzi assets

The Maharashtra government has ordered the attachment of properties and assets worth nearly Rs 18 crore linked to the Torres ponzi scam, which duped more than 1 lakh investors by promising unrealistic returns on gemstones and jewellery. The assets belong to the parent company Platinum Hern Pvt Ltd and its chairperson, directors, managers and other alleged associates.

The attachment order, dated July 28, covers 24 bank accounts and assets including Rs 9.58 crore in cash, 3.89 kg of gold, 85.18 kg of silver and 33,326 precious stones. The scam surfaced in late 2024 when payouts stopped and outlets shut. Police have received complaints from 14,157 investors claiming losses of Rs 142.58 crore. More than ten arrests have been made, but the Ukrainian masterminds have fled overseas.

The properties are being attached under the Maharashtra Protection of Interest of Depositors Act, 1999. A deputy collector has been appointed to assess the value of the attached properties, which will be auctioned after court clearance to recover investor money.