MIRA BHAYANDAR: Mohammad Moizuddin Khalid, arrested by the Navghar police in the Torres scam, was granted bail by the Additional Sessions Court (MPID Court), Thane, on February 1. The release memo was issued today (Thursday) after his family paid Rs 1 lakh in cash bail, and he is set to be released from Thane Central Jail on Friday.
Khalid was arrested on January 10 after the Navghar police raided the Torres showroom in Mira Road. While opposing his bail application, the police stated that Khalid was aware of the scam and that ₹13.5 lakh was recovered from him.
Advocate Indreshkumar Tiwari, representing Khalid, argued in court that his client was merely a cashier at the Mira Road showroom and had voluntarily handed over the money to the police. He further stated that the actual accused are Ukrainian nationals who are currently absconding.
In the first week of January 2025, investors of Torres realized they had been duped, prompting the police to begin raiding showrooms across Maharashtra.
The scam was a Ponzi scheme that promised quick and doubled returns, with some investors even receiving such payouts initially. The Economic Offences Wing (EOW) is currently investigating the case.