A shocking fraud exceeding 130 million rupees has been uncovered involving a jewelry company in Mumbai. This company had been luring investors to make investments in gold, silver, and moissanite, a precious stone, promising substantial returns. The company, known as Torres Jewellers, is now under investigation, with an FIR filed against its directors and CEO. Let's dive deeper into how the scheme unfolded and deceived so many investors.
Fraud of 134.8 Million Rupees Unearthed
Based on a complaint, Mumbai's Shivaji Park police have registered a case of fraud against the local jewelry firm. According to PTI's report, Torres Jewellers allegedly defrauded investors of over 134.8 million rupees. Numerous complaints led to this police action. Reports from ET suggest this fraud was exposed following a complaint by a vegetable vendor from Nariman Point, leading to a mob of investors gathering outside the company's stores as the scandal unfolded.
Deceptive Practices Since 2024
Operating under Platinum Haren Private Limited, Torres Jewellers was registered in 2023. They opened a significant outlet in Dadar last year, 2024, and quickly expanded their locations. The company currently has six stores across Mumbai, including one in Mira-Bhayander. Investors realized the deceit when promised weekly returns hadn’t been received for two weeks, and the jewelry stores were unexpectedly closed last Monday.
Lucrative Returns on Jewelry-Stone Purchases
Reports reveal that in February 2024, Torres Jewellers initiated a scheme targeting a specific demographic, operating fraudulent jewelry schemes that promised significant returns. Apart from enticing Ponzi scheme referrals, the company offered attractive prizes in bumper lucky draws, including cars and expensive cell phones.
Torres Jewellers promised exorbitant returns on the purchase of gold, silver, and moissanite, with annual returns of 48%, 96%, and 520%, respectively. They also pledged weekly payments of these returns. But the lack of returns over the past two weeks has left investors worried, especially those investing in Moissanite Stone, which promised a weekly return between 6% to 11%.
Owner Possibly Abroad
Initially, the scheme earned investors' trust by providing fixed returns, but all payments, including the principal amounts, were abruptly halted on December 30, 2024. This led to an FIR against the firm. Police revealed that two directors might have fled overseas, and several arrests have been made in connection to the case.
An officer identified the arrested individuals as Survey Ashok Surve (30) from Umar Khadi, South Mumbai, Uzbek citizen Taniya alias Tajagul Karxanovna Zasatova (52), and Russian citizen Valentina Ganesh Kumar (44).
