Court allows sale of seized assets in Torres case
The proceeds from the sale are to be deposited in a dedicated bank account opened for investigations. The order was passed by the court in response to an application filed by the Economic Offences Wing (EOW), Mumbai.
The case stems from a complaint lodged by Pradeepkumar Vaishya, a vegetable seller from Khar West. According to the EOW's plea, during ongoing investigations, substantial quantities of gold, silver, and moissanite stones were seized from the showrooms of the accused company.
The EOW requested the court's permission to sell these valuable assets and deposit the funds in the State Bank of India's Mandvi branch.
Judge NP Mehta's order dictates that a valuation report for both metals and moissanite stones must be obtained, and the items are to be sold according to their stated value in the report.
The joint commissioner of police, EOW, Mumbai, has been tasked with overseeing the sale and providing sanction as per rules, with a report of compliance to be submitted. –Rebecca Samervel
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