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Torres Jewellery promised high returns, 48% annually on gold, 96% on silver, and 520% on moissanite. They promised weekly payments attracting many investors. However the payments were stopped for two weeks
Torres Jewellery had promised high returns on the purchase of gold, silver and moissanite. (Representative/PTI File)
A jeweller enticed individuals with the promise of returns reaching as high as 520 percent, ensnaring them in a scheme that extorted crores of rupees. While thousands fell victim to this deceptive operation, it was a vegetable seller who exposed the jeweller’s fraudulent activities and filed a police complaint against him.
The Shivaji Park Police in Mumbai have registered an FIR against the directors and CEO of Torres Jewellers for allegedly defrauding investors of over Rs 13.48 crore. The complaint was filed by a vegetable seller from Nariman Point, prompting a crowd of investors to gather outside the company’s Dadar office, demanding the return of their investments. Investors claim the jeweller had promised high returns, which were not delivered.
Thousands of investors in the Mira Bhayander area began to fear the worst when they found the shutters down on their local Torres Jewellers branch. Torres Jewellers Company was registered in 2023 under Platinum Haren Private Limited. In 2024, it opened a large outlet in Dadar and later expanded to other locations, including Mira-Bhayander.
Torres Jewellery had promised high returns on the purchase of gold, silver and moissanite. The company had promoted a 48% annual return on gold, 96% on silver and 520% on moissanite, paid in weekly instalments. These payments have now been stopped for two weeks, leaving investors concerned.
Platinum Haren Private Limited, with a registered office at the Opera House Building in Girgaon have been charged of fraud. The company, whose directors include Imran Javed, Sarvesh Surve, and Olena Stein, encouraged investors to put their money into moissanite, promising high returns of 8% to 11% weekly.
According to complainant Pradeep Kumar Vaishya, the fraud occurred between June 21, 2024, and December 30, 2024. Vaishya and six other investors stated that the company initially provided returns, boosting investor confidence. However, after December 30, 2024, all payments, including the principal amount, stopped.
Police said that the owner of the company may be abroad, and further investigation is underway to identify other associates and trace the suppliers involved in the fraudulent schemes.
Meanwhile, Torres Jewellers has accused CEO Taufiq Riaz and chartered accountant Abhishek Gupta of theft and vandalism. On its website, the company claimed that Riaz and Gupta conspired to commit theft in one of its jewellery shops.
CCTV footage, displayed on the website, allegedly showed Riaz and Gupta stealing valuables and damaging property. The police are currently investigating the veracity of these claims.
