Inquiry ordered to probe why local police, I-T dept did not act despite knowledge of suspicious activities

The police were reportedly aware of alleged irregularities at the Torres company before December, but seemingly did not act on them.

As per official documents, on June 29 last year, the Shivaji Park police summoned Torres Dadar store’s officials seeking an explanation while the Navi Mumbai police’s EOW officials served notices to the APMC branch of the company over their business practices in October.

However, in both cases, police officers did not pursue the matter further, nor did they take any action.
Infact, letters shared by some investors and agents have also indicated that besides police, the Income Tax department too had served notices to the company in November 2024, seeking an explanation of their business model.

After the alleged mass fraud was reported to the Shivaji Park police station on January 6, the next day Shivaji Park police informed the MPID court that the accused company did not have any permission from RBI or from any other government body to run investment schemes and accept deposits from investors.

One of the self-claimed whistleblowers of the matter, Mohamed Tausif Reyaz, too claimed that the Navi Mumbai police and the Income Tax department knew about the operation of Torres, but did not take action.

Torres claimed that they provided an explanation to the police after receiving notices.
The police inquiry would reveal who were the police officials responsible for inaction, added the police officer.