फ़रवरी 6, 2025

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Mumbai’s Torres Jeweler Scam

Mumbai’s Torres Jeweler Scam

Mumbai’s Torres Jeweler Scam: Investors Lose Crores in Alleged Fraud

In a shocking development, thousands of investors in Mumbai have been left in financial turmoil as Torres Jewellery, operated by Platinum Hern Pvt. Ltd., has been accused of orchestrating a massive investment fraud. The alleged scam, estimated to involve over ₹13.48 crore, has sparked widespread outrage and protests across the city.

The Scheme and Its Collapse

Torres Jewellery attracted investors through incredible weekly returns on investments into moissanite stones and gems. They claimed returns as high as 6% a week, and some schemes went up to 11% in cashback weekly. It started paying regular returns, initially gaining people’s trust, but payments were stopped abruptly on December 30, 2024.

Thousands of victims-many who had sunk their life’s savings-gathered outside Torres Jewellery’s offices in Dadar, Mira Road, and elsewhere demanding back their money. Protesters spoke to news agencies to detail the loss, which allegedly runs into tens of thousands.

Legal Action Taken

The Shivaji Park police have filed an FIR against the key persons involved with Torres Jewellery, including its directors, CEO, General Manager, and Store In-Charge. No arrests have been made so far, despite the seriousness of the allegations. The case has now been handed over to the Economic Offences Wing (EOW) for further investigation.

Counter-Claims by Torres Jewellery

In a strange twist, Torres Jewellery has even lodged a complaint against its own CEO and Chartered Accountant for theft and vandalism. It has alleged that the two conspired and committed a burglary at one of its jewellery shops, and presented CCTV footage it claims shows the duo stealing the valuables and damaging the property.

Investor Response and Future Directions

The abrupt stoppage of payment and the pending legal cases have kept the investors worried and asking for quick justice. Most are now requesting the authorities to speed up the process of investigation and retrieve their hard-earned money.
Authorities asked the investors who are affected to submit a case so that it may help identify the scale of fraud done and also other fraud culprits.
This incident serves as a grim reminder to do proper homework before investing in any scheme offering unusually high returns. It is hoped that as this case unfolds, the culprits will be punished, and all possible measures taken to ensure this does not recur.

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