ED Arrests Sagar Mehta In ₹177-Crore Torres Fraud Case

The Enforcement Directorate (ED) has confirmed the arrest of Sagar Mehta, a wanted accused in the ₹177-crore Torres fraud case. Mehta was detained in Dubai after a Red Corner Notice was issued against him.

According to the ED, Mehta was allegedly involved in the scam and had fled the country on December 24, 2024. The agency claimed that Platinum Hern Pvt Ltd (PHPL), which operated Torres Jewelry, had lured investors into a fraudulent investment scheme by promising high returns and lucrative rewards.

The company allegedly offered weekly returns ranging from 2 per cent to 9 per cent on investments in gold, silver, original diamond jewellery, and precious gemstones. Additionally, the company offered 20 per cent “investment bonuses” for bringing in new investors, creating a chain-like referral system.

The ED alleged that the sales officers at the showrooms misled customers by conducting seminars, advertising high returns, and offering lucky draws with chances to win luxury cars and expensive mobile phones. This created an impression of legitimacy, but in reality, the company marketed synthetic moissanite stones as high-value investments, promising that their value would increase in the future, akin to diamonds.

The agency has pegged the proceeds of crime so far at ₹177.11 crore. Mehta's lawyer had approached the court seeking withdrawal of the proclamation proceedings initiated against him at the ED's request.

The Torres fraud case has been ongoing, with several accused already arrested and charged. The ED's investigation has revealed a complex web of deceit and fraud, with the company using various tactics to lure investors into the scheme.

The arrest of Sagar Mehta is a significant development in the case, and the ED is likely to continue its investigation to uncover the full extent of the scam. The agency's efforts to bring the accused to justice and recover the proceeds of crime are crucial in preventing such fraudulent schemes in the future.

The Torres fraud case highlights the importance of vigilance and caution when investing in schemes that promise unusually high returns. Investors must be aware of the risks involved and conduct thorough research before investing their money.

In conclusion, the arrest of Sagar Mehta in the ₹177-crore Torres fraud case is a significant step towards bringing the accused to justice. The ED's investigation and efforts to recover the proceeds of crime will help prevent such fraudulent schemes in the future and protect investors from falling prey to such scams.