Mumbai Scam: Torres Jewellers Allegedly Defrauds Investors of ₹13.48 Crore with False Promises of High Returns
A major financial fraud has shaken Mumbai, with Torres Jewellers accused of duping investors out of ₹13.48 crore. The alarming scam came to light after the abrupt closure of the company’s offices and stores, leaving investors in shock and demanding refunds.
The Unfolding of a Scam
Torres Jewellers, operating under Platinum Haren Private Limited, launched lucrative investment schemes in February 2024, promising extraordinary weekly returns on purchases of gold, silver, and moissanite stones. Investors were lured with returns as high as:
6% weekly payouts on gold investments
96% annual returns on silver
520% annual returns on moissanite purchases
The highest weekly payouts, ranging from 8% to 11%, were offered for investments in moissanite stones, making them the most popular choice. The company even sweetened the deal by offering a ₹10,000 discount on a pendant for every ₹1 lakh invested.
Initially, the schemes seemed credible as payouts were made regularly for several months. However, on December 30, 2024, all payments suddenly stopped, and communication from the company ceased. Investors panicked when they found the offices and shops shut, particularly in areas like Dadar and Mira-Bhayander.
The Complaint That Sparked the Investigation
The fraud came to public attention when a vegetable vendor from Nariman Point filed a police complaint at Shivaji Park police station. The complainant, Pradeep Kumar Mamraj Vaishya, alleged that the fraudulent activities occurred between June 21, 2024, and December 30, 2024.
Investors Left in the Lurch
Thousands of investors, many from middle- and lower-income backgrounds, are now left facing significant financial losses. Crowds have gathered outside the closed offices, demanding their hard-earned money back, but no resolution seems forthcoming.
Company’s Counterclaims
Platinum Haren Private Limited, with its registered office at Girgaon’s Opera House, has alleged internal sabotage. The company claims its CEO and other employees orchestrated a burglary and vandalized one of its stores. According to the company, CCTV footage exists that implicates these individuals, framing it as part of a conspiracy against Torres Jewellers.
A Lesson for Investors
This case serves as a stark reminder for investors to exercise caution when offered schemes with unrealistically high returns. Authorities continue to investigate the matter, while affected investors await justice.
News Source : “Information for this article was gathered from a variety of reliable news outlets.”
