Torres Jewellers accused of Rs 13.48 cr fraud, investors demand refunds as payments halt

A significant financial scam involving Torres Jewellers, operated by Platinum Hern Pvt. Ltd., has surfaced in Mumbai, with investors alleging that they were defrauded of over Rs 13.48 crore. The Shivaji Park Police have registered a First Information Report (FIR) against the company's key personnel, including directors Sarvesh Ashok Surve and Victoria Kovalenko, CEO Taufik Riaz, General Manager Tania Casatova, and Store In-Charge Valentina Kumar. The accused face charges under the Indian Penal Code for cheating, criminal breach of trust, and criminal conspiracy, as well as violations of the Maharashtra Protection of Interest of Depositors (MPID) Act, 2023. Investigations are being handled by the Economic Offences Wing (EOW), with suspicions that some of the accused may have fled the country.

The scam began in February 2024 when Torres Jewellers launched an investment scheme that promised a 6% weekly return on investments. For every Rs 1 lakh invested, the company also offered a discount of Rs 10,000 on a pendant featuring a moissanite stone. The scheme gained traction, attracting a large number of investors, including vegetable vendors, small business owners, and professionals. The company initially fulfilled its payout promises, leading to growing investor trust and further investments.

However, starting from late December 2024, the company ceased payments, causing concern among investors. By January 2025, several of Torres’ stores in Dadar, Sanpada, and other areas were found shuttered without prior notice. Investors, who had previously been receiving payouts, found their money withheld and were unable to contact the company for clarification. One investor reported receiving their last payout on December 30, 2024, but has not seen any payments since then. Attempts to reach company officials were unsuccessful, leading to frustration among the affected individuals.

The scale of the fraud is extensive, with over 1.25 lakh investors possibly impacted. Some investors have reported losses of several lakhs, while a vegetable vendor claims that around 30 of his relatives and friends collectively lost Rs 4.55 crore. Other investors, including small business owners, have also filed complaints regarding their investments. One investor, who had invested Rs 1 lakh, expressed concern about the uncertainty regarding the return of principal amounts, saying that there has been no communication from the company since the store closures.

In a surprising development, Torres Jewellers issued a statement accusing its CEO, Taufik Riaz, and Chartered Accountant Abhishek Gupta of theft and vandalism. The company claims that the two individuals were involved in stealing valuables and damaging one of the company’s stores, providing CCTV footage to support these claims. Torres Jewellers suggests that these actions are part of a larger conspiracy, although the police have not confirmed this angle. The investigation is still ongoing, with authorities examining whether the company’s operations were fraudulent from the outset or if the thefts were part of a broader scheme to misappropriate funds.

As the investigation continues, police are focusing on tracking down the accused individuals and assessing the full scope of the financial fraud. Authorities are looking into the possibility that the company operated fraudulent schemes under the guise of legitimate investment opportunities. The case highlights concerns about investor protection in schemes that offer high returns, especially when companies stop fulfilling their financial commitments without notice.