A large crowd of investors gathered outside Torres Jewelery office in Dadar. They were demanding the return of the returns promised under the company’s scheme. Many people had invested lakhs of rupees in schemes that promised returns. The company had initially given installments of the scheme, but investors did not receive any installment in the last two weeks. Due to this, investors were forced to gather outside the Torres office in Dadar. Mumbai Police reached the spot and deployed security at the entry gate of the office. It is being told that the owner of the company is currently living abroad.
What is the Torres scam?
According to the scheme, the company had promised a weekly return of 10 percent on investment. However, investors claimed that they did not receive any returns nor any message from the company for two weeks.
Hindustan Times quoted an investor as saying, “On investing ₹1 lakh in the scheme launched by the store, customers will get a discount of ₹10,000 on pendants with moissanite stones.”
“Customers and investors were also promised 6% of the invested amount over the next 52 weeks. They had launched the schemes in February 2024 and were to complete one year this February,” the investor said.
Investors are demanding their real money
This scheme has been running in many parts of Mumbai for the last one year. Torres was making regular payments until December. However, investors stopped receiving installments for the last two weeks.
At present investors are demanding the actual amount of the scheme. Many investors were heard saying, “We don’t want interest, just our money back.”
Torres Jewelery has showrooms across Mumbai in areas like Grant Road, Navi-Mumbai, Kalyan and Mira Road. Reportedly, the police have filed a complaint against top executives of the company for defrauding investors.
Torres accuses his CEO and CA of fraud
However, Torres Jewelery in a social media post has accused its Chief Executive Officer (CEO) Tausif Reyaz of running a fraudulent scheme.
“First, we learned that they ran a fraud scheme, and they systematically embezzled the company’s money over several months,” the post said.
The post read that two Torres employees – CEO Tausif Reyaz and CA Abhishek Gupta and their associates looted Torres stores!
It read, “Earlier, we discovered that they had hatched a fraudulent scheme, and they systematically embezzled the company’s money over several months. Torres Security Service has enough evidence, which has already been handed over to the police.” are given!”
The post said, “They decided to involve other employees in their crime. These two people instigated them and looted the store at night involving a large number of employees. All material related to the incident is being transferred to the police.” Everyone involved in the robbery will be punished!”
Mumbai: A company in Mumbai cheated crores of rupees by luring investment, police is investigating the case.