The jewellery sector in Mumbai was recently devastated by a major Ponzi scheme that left thousands of investors in terrible financial shape.

At the heart of this debate is the well-known Torres Jewellery chain, which has six retail locations in the Mumbai area.

The business has placed the blame on its CEO and several important employees, claiming a fraud and theft conspiracy.

An outline of the scam

The purported plan was expertly crafted to guarantee investors large profits. In addition to marketing gemstone jewellery, Torres Jewellery offered an enticing bonus investment scheme that drew in a large number of clients with the promise of large interest payments.

A pendant with a moissanite stone worth Rs 10,000 was given to investors who invested Rs 1 lakh; however, it turned out to be a fake. Weekly interest rates, which started at 6% and increased to 11%, were first promised by the plan.

Investors were initially given a false sense of security when the corporation paid out as promised. But the payments suddenly stopped two months ago, leaving many people in financial difficulties.

The victims’ voices

The program mainly targeted lower-middle-class people who invested their hard-earned funds, such as vegetable sellers and small traders. The range of investment amounts was several thousand to several crores.

A total loss of more than Rs 13 crore was recorded by seven investors who had filed complaints.

“We trusted this scheme because it seemed systematic, complete with GST and CIN numbers in the brochures,” said one upset investor.

Why isn’t the government assisting us now that it has received taxes? “I deposited my money just a day before the stores closed,” said another irate investor. Until I receive my money back, I will not depart.

The Aftermath of the Bumper Draw

Torres Jewellery recently posted a video on its official YouTube channel promising an 11% interest rate increase for investments made prior to January 5, 2025, which is a dishonest act.

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The business increased the interest rate for last-minute deposits by 0.5% in an effort to attract more potential investors.

This strategy was successful in attracting a large number of new investors. But on January 6, the outlets abruptly closed, exposing the scheme as a well-planned fraud.

Legal Action and Continued Research

The directors, CEO, general manager, and store in-charge of Platinum Hern Private Limited, the parent company of Torres, have all been named as defendants in a case filed by the Mumbai Police.

Fraud, criminal conspiracy, and cheating are among the accusations. Torres asserts that in order to support the investigation, he provided CCTV footage and additional evidence.

Claims Made by the Company Against the CEO

Torres claimed that CEO Tausif Reyaz and Chief Analyst Abhishek Gupta planned an internal coup in a contentious film that was uploaded to the company’s YouTube page. According to Torres, the CEO and his team are involved in the jewellery theft and store vandalism shown in the video.

The business claims that these people staged the heist as a diversion in addition to carrying out the fraudulent scheme.

When hundreds of investors gathered in front of an investment firm’s shuttered premises on January 7, 2025, a major protest broke out in Navi Mumbai.

Many people were left in shock and financial hardship when they learnt that the company’s offices in Navi Mumbai, Dadar, and Bhayandar had shuttered, despite having promised large returns on investments.

The scenario has caused a great deal of outrage among the impacted investors and prompted major suspicions about a possible investment scam.

Important Aspects of the Protest

Outrage Is Sparked by Locked Offices: The company’s offices were locked in several places, shocking investors. Those who had invested their life savings felt anxious and frustrated by the abrupt shutdown, even though the company had earlier promised them large profits.
Life Savings at Risk: A lot of investors thought they were making wise financial choices by putting their faith in the company’s high-return programs. They now doubt the validity of their investments and worry about their financial futures as a result of the firm’s sudden departure.
Police Intervention: The Navi Mumbai police were brought in to control the escalating throng as tensions increased. As the demonstrations grew more intense, authorities attempted to bring the situation under control, emphasising how urgent it was.

Promises and Actualities of the Company

For more than ten years, the investment firm had been marketing its plans, promising high returns that drew in a large number of investors.

The sudden office closures, however, have sparked concerns and made many people wonder if they were the victims of fraud.

The company’s responsibility and openness are now being demanded by investors.

What Will Happen to the Investors Next?

Investors are left in a condition of anxiety since the company has not communicated and the offices remain locked.

While some have already complained to the police and banking regulatory bodies, many are looking for legal help to get their money back.

They feel exposed and worried about their financial destiny as a result of the lack of knowledge.

Conclusion: Safeguard Your Investments

This episode is an important lesson to investors to be wary of investing organisations that make extravagant returns.

It is crucial to carry out exhaustive due diligence, confirm the company’s validity, and stay up to date on any possible risks related to investing.

Significant concerns about regulatory supervision in the banking industry have been brought up by this episode.

A lot of victims want to know why the authorities didn’t step in sooner. Investors are calling for justice and the return of their hard-earned money as the inquiry progresses.

torres dadar

Important Takeaways

It is alleged that Torres Jewellery operated a Ponzi scheme that tricked thousands of Mumbai investors.
Customers were enticed by the scheme’s claims of large returns and phoney gemstone jewellery.
The CEO and employees of the company have been accused of theft, fraud, and vandalism.
In order to recoup their investments, victims are pleading with the government to act quickly.