What Is Torres Jewellery Scam (image:x.com/_praatik_b)
Mumbai, Maharashtra: The Mumbai Police have booked top executives of Torres Jewellery House for allegedly running a Ponzi scheme that duped investors of Rs. 13.48 crore. The massive financial scam has left thousands of investors in panic and anxiety. A large number of investors has gathered outside the Jewellery office in Dadar, demanding refunds of their payment.
Investment Scam
The scam centered around an investment scheme floated by Torres Jewellers operated by Platinum Hern Private Ltd. Launched in February 2024, the scheme lured investors to purchase moissanite stones and gems with an assured 10-11% returns in a span of 52 weeks. As per the reports, the company offered a weekly return of 6% on invested amounts. At first, it gained the trust of the people by giving weekly returns. Investors claimed that they have received their returns up till December 30, and stopped thereafter. The firms has also stopped responding to investor’s calls which prompted them to gather outside company’s office.
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Investors
The investors for the scheme include small business owners, vegetable vendors and even professionals.
“On investing ₹1 lakh in a scheme floated by the store, customers would get a discount of ₹10,000 on a pendant with a moissanite stone. Customers and investors were also promised 6% of the invested sum paid out across the following 52 weeks. They had launched schemes in February 2024 and were to complete a year this February,” one of the investors told Hindustan Times.
Statement
As per the reports, the company’s owner is absconding and in a statement released, Torres Jewellery alleged its CEO, Taufik Riaz, and Chartered Accountant Abhishek Gupta of theft and vandalism.
“Earlier, we learned that they organized a fraudulent scheme, and they also systematically appropriated the company’s money for many months. The TORRES security service has enough evidence that has already been handed over to the police!,” Torres Jewellery said in a social media post.
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Torres Jewellery is touted as one of the largest jewellery houses in India. Headquartered in Dadar, Torres has showrooms across Mumbai in areas such as Grant Road, Navi-Mumbai, Kalyan and Mira Road.
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Legal Action
The Mumbai Police has registered cases under Sections 318(4) (cheating), 316(5) (criminal breach of trust), and 61 (criminal conspiracy) of the Bharatiya Nyaya Sanhita, 2023, along with Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (MPID) Act, 2023. The offences has been booked against Sarvesh Ashok Surve and Victoria Kovalenko (Directors, Taufik Riaz alias John Carter (CEO), Tania Casatova (General Manager) and Valentina Kumar (Store In-Charge). No arrests have been made yet, and Police suspect that some accused may have fled the country.
