Mumbai Jewellery Scam: Torres Chain Accused of ₹13 Crore Fraud, CEO Blamed for ‘Coup and Robbery’

Thousands of investors, lured by high returns in a bonus scheme, face massive losses as Torres jewellery chain shuts operations amid allegations of internal fraud.

January 7, 2025: A Mumbai-based jewellery chain, Torres, is at the center of a multi-crore Ponzi scam that has left hundreds of investors stranded after being lured by promises of high returns on investments. The scheme, which reportedly attracted funds ranging from a few thousand rupees to crores, collapsed earlier this week, leading to widespread chaos outside the company’s outlets.

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The Scam Unveiled:

Torres, which operated six stores in and around Mumbai, offered customers an investment scheme where an investment of ₹1 lakh promised:

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• A pendant with a moissanite stone (later discovered to be fake) worth ₹10,000.
• 6% interest payouts weekly, later increased to 11%.

While initial payouts were made, payments stopped two months ago, sparking panic among investors.

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The Final Blow:

Just a week ago, Torres uploaded a YouTube video offering an 11% interest rate on investments made before January 5, with an added 0.5% bonus for cash payments. The announcement triggered a last-minute rush of investments. However, by January 6, all Torres outlets were abruptly shut, and investors realised they had been defrauded.

Victims Speak Out:

The affected investors include small traders, vegetable sellers, and lower-middle-class families who had pooled their life savings.

• “We got some payouts initially, but everything stopped suddenly. The government was collecting taxes on these schemes; why aren’t they helping us now?” said one investor.
• Another investor vowed not to leave Torres’ Dadar outlet until she recovered her hard-earned money.

Company’s Shocking Claims:

Amid rising anger, Torres uploaded another video on YouTube, alleging that its CEO Tausif Reyaz and Chief Analyst Abhishek Gupta orchestrated a coup and robbery. The video, showing CCTV footage of individuals vandalizing and looting stores, accused these officials of systematically embezzling company funds for months before fleeing.

“Under the leadership of two Torres employees, Tausif Reyaz and Abhishek Gupta, a coup was organized, and Torres stores were robbed,” said the voiceover in the video.

Police Action:

A police case has been registered, naming:

• Platinum Hern Private Limited (Holding Firm)
• Two Directors
• CEO Tausif Reyaz
• General Manager and Store In-Charge

Charges include cheating, fraud, and criminal conspiracy. Evidence, including CCTV visuals, has been handed over to the authorities.

The Aftermath:

As investigations continue, affected investors continue to gather outside Torres stores, demanding their money back. Authorities face mounting pressure to act swiftly and ensure justice.

This case highlights the growing concern over financial fraud schemes targeting vulnerable investors and the urgent need for regulatory oversight in such high-stakes operations.

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Tags:
Mumbai Jewellery Scam, Torres Jewellery Fraud, Ponzi Scheme Mumbai, CEO Coup Torres, Financial Fraud, Investor Scams India, Torres Bonus Scheme, Jewellery Scam Investigation, Police Probe Torres Fraud, Financial Crime Mumbai.