Mumbai’s Torres Jewellery House is under scrutiny after police filed charges against its top executives for allegedly defrauding investors of approximately Rs.13.48 crore. The company had enticed individuals with investment schemes promising high returns, which have now unraveled, leaving many in financial distress.
The schemes, launched in February 2024, offered investors a 6% return on their investments, disbursed weekly over a year. For instance, an investment of Rs.1 lakh purportedly provided a Rs.10,000 discount on a moissanite pendant, along with the promised weekly returns. However, payments ceased two weeks ago, prompting concerned investors to converge on Torres Jewellery’s showrooms in Dadar, Grant Road, Mira Road, Vashi, and Kalyan, demanding their due funds.
In response to the growing unrest, the Shivaji Park police have registered a First Information Report (FIR) against Platinum Hern Private Limited—the parent company of Torres Jewellery—and its directors, including Survesh Ashok Surve and Viktoria Kovalenko. Others named in the FIR are CEO Tausif Reyaz, also known as John Carter; General Manager Tania Kasatova; and Store In-Charge Velantino Kumar. The charges encompass cheating, criminal breach of trust, and conspiracy under relevant sections of the Bhartiya Nyaya Sanhita, 2023, as well as violations of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999. Authorities suspect that some of the accused may have fled the country.
The situation escalated when investors, alarmed by the halted payments, gathered outside the Dadar showroom near Kohinoor Square. Similar scenes unfolded at other locations, including Sanpada in Navi Mumbai and Mira Road, where local police are in the process of registering additional complaints. The Economic Offences Wing has been alerted and is expected to take over the investigation.
In a twist, Torres Jewellery’s website features a message accusing CEO Tausif Reyaz and certain employees of “robbing and vandalizing the stores, and looting jewellery and cash,” attempting to shift blame for the financial debacle. Meanwhile, investors, many of whom had entrusted their life savings to the scheme, are left in turmoil. One investor, a wholesale vegetable vendor from Dadar, reported losing Rs.7 lakh, with his extended network collectively losing around Rs.4.55 crore. He noted that initial explanations for the missed payments cited technical banking issues, but as communication dwindled, the grim reality of the fraud became apparent.
Authorities are urging all affected investors to come forward and file official complaints to aid in the investigation. The full extent of the fraud is still unfolding, with estimates suggesting that the number of victims and the total amount defrauded could be significantly higher than currently reported.
This incident serves as a stark reminder of the risks associated with investment schemes promising unusually high returns. Potential investors are advised to exercise due diligence and consult financial experts before committing funds to such ventures.
