Torres Jewellery Scam: Thousands Duped in Ponzi Scheme with 25% Monthly Returns, ₹13.5 Crore Lost as Mumbai Outlets Shut
Torres Jewellery Scam: Thousands Duped in Ponzi Scheme with 25% Monthly Returns, ₹13.5 Crore Lost as Mumbai Outlets Shuts
The Mumbai Police have booked five top executives of a Dadar-based firm, Platinum Hern Pvt Ltd, which runs Torres Jewelry, for allegedly running a Ponzi scheme that duped investors of ₹13.48 crore. The accused promised investors a 25% monthly interest on their investments in a scheme involving the purchase of moissanite stones.
The police registered a case against the executives, including two directors and three senior officials, after a complaint was filed by a 31-year-old vegetable vendor who had invested in the scheme. At least seven investors have come forward, claiming to have lost a cumulative amount of ₹13.48 crore.
The accused allegedly floated the scheme between June and December 2024, promising weekly interest of 6%. However, after December 30, 2024, the firm stopped responding to investors’ calls, leading to a crowd gathering outside the company’s office in Dadar, demanding their money back.
Investors have gathered in large numbers outside Torres Company’s office in Dadar, demanding the return of their principal amounts. The company’s owner is reportedly absconding, leaving investors frustrated and worried about their investments.
The police have deployed security outside the company’s entrance and are investigating the matter. The accused have been booked under various sections of the Indian Penal Code and the Maharashtra Protection of Interest of Depositors (MPID) Act.
