New Delhi, Jan 24 (PTI) The ED on Friday said it froze bank deposits worth more than Rs 21 crore during recent raids against the promoters of Mumbai-based Torres Jewellery group, accused of duping numerous investors through an investment "fraud".

The raids undertaken earlier this week covered 13 premises in Mumbai and Jaipur in the case against Platinum Hern Private Limited (that floated the brand Torres Jewellery), the federal agency said in a statement.

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More than 3,700 investors have so far approached the Mumbai Police with complaints of being cheated and the fraud amount is over Rs 57 crore, according to officials.

The alleged fraud came to light when hundreds of investors gathered at the brand's store in the Torres Vastu Centre building in Dadar (West) earlier this month as the company stopped paying the sums promised to them.

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The police have arrested three accused -- Tazagul Xasatov, a Uzbek national, Valentina Ganesh Kumar, a Russian national, and Sarvesh Surve -- all senior executives of the firm, in the case till now.

The Enforcement Directorate (ED) said it covered the residential premises of Surve, director of the company, in Umarkhadi (Mumbai); offices of associated entities such as Gemethyst in Kishanpole Bazar of Jaipur, and Stellar Trading Company in Jaipur's Johri Bazar and Kalbadevi in Mumbai.

The premises of Lallan Singh, a key associate in Mulund, Mumbai, and Alpesh Pravinchandra Khara, a suspected "hawala" operator at Opera House in Mumbai, were also covered, it said.

The money-laundering case stems from an FIR of the Navi Mumbai (Vashi) Police against the directors and associates of Platinum Hern Private Limited. Three more FIRs were later filed against them in Mumbai and neighbouring Thane district.

The FIR alleged that the company and its promoters "lured" investors with promises of high returns ranging from 2-9 per cent weekly on investments in gold, silver, diamond jewellery, and gemstones.

The schemes also offered bonuses for recruiting new investors, creating a referral system to "attract" more victims, the ED said.

The company marketed synthetic moissanite stones as high-value investments comparable to diamonds, according to the agency.

These stones were sold at inflated prices while "misleading" investors about their future appreciation, it said.

According to the ED, the company organised seminars, advertised on social media and conducted "unlicensed" lucky draws to entice customers with luxury rewards such ascars and expensive mobile phones.

Multiple bank accounts of the accused company and its associates were scrutinised and "suspicious" transactions detected by the ED.

Funds amounting to Rs 13.78 crore were received in the accounts of the company from various "dummy entities" linked to Singh and these funds were used to set up business operations of Torres Jewellery in Mumbai, the ED claimed.

Digital devices and documents were seized while bank deposits of Rs 21.75 crore frozen during the searches, it said.

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