(MENAFN- Live Mint) Mumbai Fraud: A major financial scam has emerged in Mumbai involving Torres Jewellers, which has allegedly defrauded investors of over ₹13.48 crore. The fraud came to light after a vegetable vendor from Nariman Point lodged a complaint at the Shivaji Park Police station.
Following the complaint, a crowd of investors from the Mira-Bhayander area reached the offices of Torres Jewellers, where they found the shops shut. Investors discovered the closure on Monday, as they face potential losses after Torres abruptly closed its doors.
How did the Mumbai fraud unfold?
Torres Jewellers , operating under Platinum Haren Private Limited, launched investment schemes in February 2024 that promised enticing returns, including a 6 per cent weekly payout on investments in moissanite stones.
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Torres Jewellers promised high returns on gold, silver, and moissanite purchases – 48 per cent, 96 per cent, and 520 per cent annually, respectively, paid weekly. The company reportedly encouraged investors to focus on moissanite, offering the highest returns – between 8 per cent and 11 per cent weekly.
Investors were also offered a ₹10,000 discount on a pendant for every ₹1 lakh invested. However, payouts ceased abruptly two weeks ago, leading to panic among investors who gathered outside the company's Dadar office demanding their money back.
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Initially, the schemes attracted thousands of investors due to the high returns advertised. Many people believed they were making sound investments, as the company had been delivering promised returns for several months.
However, after December 30, 2024, all payments stopped, and communication with the company became increasingly difficult. The complainant, Pradeep Kumar Mamraj Vaishya , alleged the fraud occurred between June 21, 2024, and December 30, 2024.
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Platinum Haren Private Limited lists its registered office in Girgaon's Opera House building. The listed directors, Imran Javed, Sarvesh Surve, and Olena Styne, all share the company address, reports the Economic Times.
Torres Jewellers has accused its CEO and other employees of orchestrating a burglary at one of its stores. The company claims to have CCTV footage showing these individuals involved in theft and vandalism, framing it as part of a broader conspiracy against them.
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