(MENAFN- Live Mint) A large crowd of investors gathered outside the Torres Jewellery office in Dadar, demanding money from the schemes promised by the company.
People had invested lakhs of rupees in schemes promising returns, according to a report by Lokmat Times. The company initially disbursed the instalments of the scheme . However, it failed to disburse instalments in the last two weeks, forcing investors to gather outside the Torres office in Dadar. The Mumbai Police arrived at the location and deployed security at the entrance of the office.
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Reportedly, the owner of the company is currently living abroad.
According to the scheme, the company has promised a weekly return of 10% on investments. However, investors claimed that they had not received any return for two weeks nor any communication from the company. The scheme has been operating in several parts of Mumbai since the last one year. Torres had been making regular payments till December. However, investors have stopped receiving payments in the last two weeks.
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Currently, the investors are demanding the principal amount of the scheme. Many investors were quoted saying,“we don't need interest, just the money back.”
Torres Jewellery has showrooms across Mumbai in areas such as Grant Road, Navi-Mumbai, Kalyan and Mira Road.
Reportedly, the police have registered complaints against top executives of the company for allegedly cheating the investors. However, Torres Jewellery in a social media post has blamed its Chief Executive Officer (CEO) Tausif Reyaz for running a fraudulent scheme.
“Earlier, we learned that they organized a fraudulent scheme, and they also systematically appropriated the company's money for many months,” the post said.
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“On investing ₹1 lakh in a scheme floated by the store, customers would get a discount of ₹10,000 on a pendant with a moissanite stone. Customers and investors were also promised 6% of the invested sum paid out across the following 52 weeks. They had launched schemes in February 2024 and were to complete a year this February,” one of the investors told Hindustan Times.
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