The ED has confirmed the arrest of wanted accused Sagar Mehta in the Torres fraud case after he was detained in Dubai through a Red Corner Notice. The agency alleges that Torres Jewelry operator PHPL ran a fraudulent investment scheme promising high returns and rewards. The ED has pegged the proceeds of crime at Rs 177.11 crore.

Wanted accused Sagar Mehta was detained in Dubai after a Red Corner Notice was executed at the ED’s request | AI Generated File Image

Mumbai, August 27, 2026: The Enforcement Directorate (ED) on Thursday confirmed the arrest of wanted accused Sagar Mehta in connection with the Torres fraud case.

Mehta’s lawyer approached the court seeking withdrawal of the proclamation proceedings initiated against him at the ED’s request. The court was informed that Mehta had been detained in Dubai following the execution of a Red Corner Notice issued at the Indian agency’s request.

Alleged Role In Scam

According to the prosecution, Mehta was allegedly involved in the scam but fled the country on December 24, 2024. The ED claimed that Platinum Hern Pvt Ltd (PHPL), which operated Torres Jewelry, lured investors into a fraudulent investment scheme by promising high returns and lucrative rewards.

`;

The company allegedly offered weekly returns ranging from 2 per cent to 9 per cent on investments in gold, silver, original diamond jewellery and precious gemstones.

Also Watch:

The ED claimed the company offered 20 per cent “investment bonuses” for bringing in new investors, creating a chain-like referral system. “The sales officers at the showrooms misled customers by conducting seminars, advertising high returns and offering lucky draws with chances to win luxury cars and expensive mobile phones, giving an impression of legitimacy. In reality, the company marketed synthetic moissanite stones, which were much cheaper than diamonds, as high-value investments, promising that their value would increase in the future, akin to diamonds,” the ED said. The agency pegged the proceeds of crime so far at Rs 177.11 crore.

To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/

Add As a

Trusted Source