Mumbai Police Revives Dormant Economic Intelligence Unit Following Torres Scam

The recent multi-crore Torres Company scam, which defrauded thousands of people, has spurred the Mumbai Police into action. After years of inactivity, the Economic Offences Wing (EOW) has reactivated its Economic Intelligence Unit to monitor and prevent large-scale financial frauds.

Sources revealed that during a crime conference held last Thursday, Mumbai Police Commissioner expressed dissatisfaction over the handling of the Torres scam and issued directives to prevent such incidents in the future. As part of these measures, the intelligence unit has been revived, with all city police stations instructed to collaborate closely with it and report any similar fraudulent activities immediately.

Police officials believe the scam could have been avoided had the intelligence unit been operational earlier. Its absence provided the accused an opportunity to establish Torres Company, lure investors with promises of high returns, and carry out the scam undetected.

The unit was disbanded in 2020 under then-Police Commissioner Sanjay Barve amid allegations of corruption involving some officers. Following its dissolution, officers were reassigned to the General Cheating Unit-4, while intelligence-gathering responsibilities were relegated to a nominal role under the Joint Commissioner’s office.

Before its closure, the intelligence unit played a pivotal role in gathering and analyzing information on financial crimes, supported by highly trained officers and tech-savvy personnel. It also identified suspicious advertisements promoting fraudulent financial schemes.

In a parallel development, the Enforcement Directorate (ED) has registered a money laundering case related to the Torres Ponzi scheme. The ED suspects large-scale fraud, wherein lower- and middle-class investors were duped with promises of high returns. The case was filed based on an FIR registered by the Shivaji Park police, alleging that 1.25 lakh people were defrauded. ED has initiated an investigation to trace the amount laundered through the scam.