India, March 7 -- The state home department has decided to set up an economic intelligence unit (EIU) to curb rising instances of fraud by companies like Torres Jewellery, minister of state for home Yogesh Kadam announced in the legislative council on Thursday.

Kadam made the announcement after Nationalist Congress Party (NCP) leader and legislative council member Vikram Kale moved a calling attention motion, raising the issue of Torres, which duped small investors through a chain of jewellery stores.

"Thousands of common investors in Mumbai, Navi Mumbai, Kalyan etc were cheated by Torres Jewellery. Though the police has started investigation and is taking action against the company, most of the investors have not get their money back. ...