Torres Ponzi case: Bombay HC says ‘shocked by the manner in which investigation is progressing’

“Why didn’t you (police) check with immigration authorities if they have left the country or are in any other part of India? We are not happy with the investigation. Let us not mince words… You were informed in June and October last year. You are taking no steps against the persons you should be going after… Somewhere the police are responsible. Despite getting a wealth of information including their Telegram IDs, PAN cards, Aadhaar cards, and passport details, why didn’t you check if they have left the shores or not?” the bench of Justices Revati Mohite-Dere and Neela K Gokhale orally questioned the police.

The court also indicated passing orders during the next hearing on departmental action against police officers who failed to take cognisance of irregularities informed to them last year.

“Have you (police) collected CCTV footage from the hotel where they (accused) were staying? Do we have to tell you everything? We are not expected to monitor cases like this but where you fail, we come in. We are shocked by the manner in which the investigation is progressing… Is this the manner and pace of a specialised agency? We expect promptness,” said the bench.

The Torres brand, run by Platinum Hern Pvt Ltd, allegedly floated multiple schemes offering weekly interests, around 500 per cent annual interest on investments and investors were allegedly lured with incentives and expensive gifts. The FIR registered on January 6 claimed that more than 1.25 lakh individuals invested money and the fraud amount can go up to Rs. 1, 000 crore.

The Bombay High Court was hearing CA Abhishek Gupta’s plea seeking police protection, argued through advocates Ranjit Sangle and Priyanshu Mishra Vivek Tiwari.

Gupta apprehended threats to his life from persons involved in the fraud as he exposed them. He said he found, several irregularities, including the absence of invoices or bills of cash investments, in the company’s audit report of 2023-24. He said after he informed Lakshmi Yadav, who rented office space to the firm about the irregularities, she sent an email to the police on December 30, 2024. The bench termed Yadav’s arrest as a ‘knee-jerk reaction’.

On January 3, Gupta said he along with one of the directors Sarvesh Surve, who has been arrested, and another person informed the police about irregularities but no cognisance was taken until January 6. By then Ukrainian directors and other employees had gone underground, he said.

Gupta added that no steps were taken even though APMC Market (Navi Mumbai) and Shivaji Park police stations sent letters to Torres and summoned its directors and later in November last year, the Income Tax Department asked Torrest officials to appear before it

In response, Additional Public Prosecutor (APP) Prajakta Shinde for the state submitted that a Look Out Circular (LOC) had been issued against the accused on January 10. The police conceded that they did not have instructions on whether Ukrainian nationals had left the country and said efforts would be taken to trace them.

The court also directed the police to preserve and keep in custody the CCTV footage of the EOW office along with its entrance and exit and asked concerned police officers to remain present before it during the next hearing on January 22. The court also asked the deputy commissioner of police (DCP) investigating the case to appear in virtual mode.