Thane, Jan 11 (PTI) The Mira-Bhayandar, Vasai-Virar police on Saturday arrested three persons for their alleged association with the jewellery company that owns the Torres brand, an official said.

The jewellery company is accused of cheating investors of crores of rupees through a combination of Ponzi and multi-level marketing (MLM) schemes.

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The official from the Navghar police station said that offences have been registered against the management and staff of the company.

The Mumbai police's Economic Offences Wing has carried out raids in Colaba, Dadar and Dombivali and confiscated important documents, investment papers as well as cash as part of its probe into the alleged scam.

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Earlier, a Mumbai police official had said that the magnitude of the scam had reached Rs 18.5 crore and was expected to rise further.

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