The Enforcement Directorate (ED) conducted raids on Thursday as part of an ongoing investigation into the Torres investment fraud, which is linked to a money laundering case. The fraud has reportedly duped thousands of investors, with the total amount involved exceeding Rs 57 crore.

According to officials, the federal agency is targeting 10 to 12 locations in Mumbai and Jaipur in Rajasthan. These raids are part of the ED’s investigation following a criminal complaint filed under the Prevention of Money Laundering Act (PMLA), based on an FIR by the Mumbai Police Economic Offences Wing (EOW). The complaint relates to allegations that Torres, a jewellery brand, misled and cheated investors through a Ponzi scheme and multi-level marketing (MLM) tactics.