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Mumbai Torres Jewellery Scam: Investors Seek Refunds as Company Points Finger at CEO

What happened in Mumbai Torres Jewellery Scam

A significant financial scandal has emerged in Mumbai, centering around Torres Jewellery, a company with multiple showrooms across the city. Investors, lured by promises of high returns, have gathered outside the company’s Dadar office to demand their money back after Torres Jewellery failed to honor its investment schemes. This situation highlights the potential risks associated with unregulated investment opportunities and the importance of due diligence.

The crux of the issue lies in the investment schemes offered by Torres Jewellery. The company attracted numerous investors with promises of substantial weekly returns. According to one report, Torres Jewellery promised a weekly return of 10% on investments. In addition, one investor noted that for every ₹1 lakh invested, customers would receive a ₹10,000 discount on a moissanite pendant along with a 6% payout across 52 weeks. These schemes, which began in February 2024, initially seemed legitimate as the company made regular payments through December.

The trouble began when the company suddenly stopped disbursing payments in the last two weeks. Investors, who had put in lakhs of rupees, were left without their promised returns or any communication from the company. Frustrated and alarmed, a large crowd of investors gathered outside the Torres Jewellery office in Dadar, demanding immediate refunds. Many investors expressed that they were primarily concerned with recovering their initial investment, stating, “We don’t need interest, just the money back”.

The situation escalated to the point where the Mumbai police had to intervene, deploying security at the office entrance. Complaints have been filed against the company’s top executives for allegedly defrauding investors. However, Torres Jewellery has responded by shifting blame to their Chief Executive Officer (CEO), Tausif Reyaz. In a social media post, the company claims that Reyaz was running a fraudulent scheme and systematically misappropriating company funds for months. The post stated, “Earlier, we learned that they organized a fraudulent scheme, and they also systematically appropriated the company’s money for many months”.

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The fallout from this alleged fraud has left investors in a state of uncertainty and financial distress. The sudden halt in payments, combined with the lack of communication, has eroded trust in the company. The situation also raises serious concerns about the oversight and regulation of such investment schemes.

Here’s a breakdown of the key elements of this Mumbai torres jewellery scam:

Enticing Returns: The promise of a 10% weekly return was a major draw for investors.
Additional Benefits: The offer of a discount on a pendant and 6% payout further enticed individuals.
Initial Payments: The company made regular payments up until December, creating an illusion of legitimacy.
Abrupt Halt: The sudden cessation of payments in the past two weeks sparked investor outrage.
Blame Shifting: Torres Jewellery is now blaming its CEO for the fraud.
Multiple Locations: Torres Jewellery has showrooms in Grant Road, Navi-Mumbai, Kalyan and Mira Road.

The Torres Jewellery scam underscores the need for vigilance when considering investment opportunities, especially those promising unusually high returns. While the company has blamed its CEO, the full extent of the fraud, and its impact on investors, is still unfolding. Investors are now navigating a complex legal and financial situation as they seek to recoup their lost funds.

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