Mumbai, Feb 20 (PTI) A man allegedly involved in money laundering to the tune of Rs 14 crore in connection with the Torres jewellery brand fraud case was held from Vashi in Navi Mumbai, a police official said on Thursday.
Lallan Singh, who was held by Mumbai police’s Economic Offences Wing, is the seventh person to be arrested in the case, he added.
“Singh was absconding since registration of the case at Dadar police station. He is allegedly involved in converting Rs 14 crore black money into white by depositing the amount in dummy firms and obtaining cheques from them. Other accused had approached Singh after seeing his online profile which stated he was a financial consultant,” the official said.
As per Mumbai police, Platinum Hern Pvt Limited, which owns the Torres jewellery brand, has cheated investors of several crore rupees through a combination of Ponzi and multi-level marketing (MLM) schemes.
More than 10,848 investors have so far approached Mumbai police with cheating complaints, with the fraud amount crossing Rs 57 crore. PTI DC BNM
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