Chandigarh, January 9, 2025 (Punjab Khabarnama Bureau): In today’s time, various scams have become quite common, but do you know that whether offline or online, most of these scams succeed due to greed? A similar example of greed has come to light in Mumbai, where a jeweler tricked people by promising returns of up to 520% and deceived them into taking away crores of rupees. Thousands of people fell into this jeweler’s trap, but the truth was revealed by a vegetable vendor, who filed a police complaint against the guilty jeweler. This case then came to light. Let’s learn more about it.
Mumbai’s Shivaji Park police have filed an FIR against the directors and CEO of Torres Jewelers. The allegation is that they scammed investors of over 13.48 crore rupees. This complaint was filed by a vegetable vendor from Nariman Point, after which a crowd of investors gathered outside the company’s Dadar office, demanding the return of their invested money. People claimed that the jewelers had promised good returns, which were not delivered.
Investors in the Mira-Bhayandar area realized they had been scammed when they visited the Torres Jewelers store and found it locked. The company, registered in 2023 under Platinum Haren Pvt Ltd, opened a large outlet in Dadar in 2024 and expanded to other locations, including Mira-Bhayandar. Torres Jewelers promised high returns on investments in gold, silver, and moissanite, offering 48% annual return on gold, 96% on silver, and 520% weekly return on moissanite. However, returns ceased over the past two weeks, alarming investors.
The company encouraged investors to focus on moissanite, claiming returns of 8% to 11% per week. Torres Jewelers, registered under Platinum Haren Pvt Ltd, operated from an office in Girgaon, Mumbai. Directors include Imran Javed, Sarvesh Surve, and Olena Stein. The fraud allegedly occurred between June 21, 2024, and December 30, 2024. Initially, the company paid returns, gaining investor trust. However, payments, including principal amounts, stopped after December 30, 2024. Pradeep Kumar Vaishya and six other investors filed complaints about the scam.
The police revealed that the owner of Torres Jewelers may have fled abroad, and investigations are ongoing to identify other accomplices and suppliers involved in the scam. Meanwhile, Torres Jewelers accused CEO Taufiq Riyaz and chartered accountant Abhishek Gupta of theft and vandalism. The company claims both conspired to steal from a jewelry shop, and CCTV footage on the website shows Riyaz and Gupta allegedly stealing valuable items and causing property damage. The police are currently investigating the truth.
Summary: Torres Jewelers’ owner is suspected of fleeing abroad, while CEO and accountant are accused of theft and vandalism. Police are investigating further accomplices and the scam.