Mumbai: Following the multi-crore fraud involving Torres Company, which duped thousands of investors, the Mumbai Police have decided to revive their long-dormant Economic Intelligence Unit (EIU) under the Economic Offences Wing (EOW). This move comes in response to widespread criticism and internal pressure to strengthen financial crime monitoring mechanisms.

During a crime conference held last Thursday, Mumbai Police Commissioner expressed displeasure over the Torres scam and issued directives to prevent such large-scale frauds in the future. In line with these instructions, the EIU has been reactivated. Going forward, all police stations will stay in constant contact with the unit to share intelligence on potential financial frauds, ensuring prompt action.

An EOW source said the EIU had been inactive since 2020 amid allegations of corruption involving several officers. The decision was made by then-Commissioner Sanjay Barve, leaving the EOW without a dedicated mechanism for gathering intelligence on financial crimes and investment frauds. After the disbandment, officers were transferred to the newly created General Cheating Unit-4, while intelligence collection remained a nominal role under the Joint Commissioner’s reader sections.

Meanwhile, the Enforcement Directorate (ED) has registered a money laundering case in the Torres Ponzi scheme. ED suspects large-scale financial fraud, where low- and middle-income investors were lured with promises of high returns. The investigation stems from an FIR filed by Shivaji Park Police, with claims of fraud involving 1.25 lakh victims. ED’s probe aims to uncover the extent of money laundering linked to the scheme and trace the funds siphoned off by the accused.

In the ongoing investigation into the Torres Ponzi scheme scam, the Economic Offences Wing (EOW) has received complaints from 3,700 investors, revealing that these individuals collectively invested a staggering ₹57 crore.

The revival of the EIU and the ED’s investigation marks a significant shift in the approach to tackling financial crimes in Mumbai, signaling stricter enforcement and intelligence-gathering in the wake of public outrage over such scams.