500+ GOVT
BENEFITS
1.4L+
SUBSCRIBERS
50K+ QUERIES
RESOLVED
100% FACT
CHECK
Updated: 28-01-2025 at 7:44 AM
1k
Torres Jewellery fraud in Mumbai is one of the biggest investment scams in the recent time, duping more than 1,25,000 investors. Having set up a jewellery shop across six major locations in Maharashtra, Torres invited investors for investments with weekly profits to be paid out.
Read More: Cyber Scams Shocking Cases And Safety Tips For 2025
Torres Fraud is a Ponzi and multi-level marketing fraud which deceives investors by promising high returns on investments in jewellery. In a Ponzi scheme, people are promised high returns, which are initially paid using money from new participants. Similarly, in MLMs, quick earnings are promised through product sales, but the main focus is on recruiting new members. New joiners pay a fee, and the top-level members earn the most from it.
The following points will help you to understand the case of Torres Jewellery scam:-
Company Background: Platinum Hern Pvt Ltd. was incorporated in April 2023 in six locations across Maharashtra Torres-owned jewellery showrooms.
Investment Promises: To foster people’s confidence in the purchase of moissanite stones and jewellery, weekly returns of 3-7% were offered in the first weeks of business.
Fraudulent Approach: The scheme worked by investing money from new investors to pay earlier ones and grew quickly before closing in December of 2024.
It had multiple high-interest investment schemes and tended to give the customers the impression that they were sure to earn enormous profits.
Investment Plans:
Gold and silver investments with a weak return of 2% to 3%.
The Moissanite stones were earning weekly interest of 4 - 6% this was raised to 11.5% to attract more cash.
Referral Bonuses:
Others used referral bonuses as well as other incentive prices such as cars, houses and jewellery to attract other investors.
Lavish Seminars:
To achieve its credibility, seminars were conducted in some of the most elegant environments possible to attract the interest of potential investors.
Read More: Beware Of Fake Emails Promising e-PAN Card Downloads
The scam surfaced when the company failed to make its payouts and investors immediately flagged it.
Delayed Payments:
While some participants saw nothing unusual, others were concerned when no payout followed in November 2024 and the approximate promised amounts were again incremented.
Company Shutdown:
Employees told some investors that the company shut its operations on January 6, 2025.
Whistleblower Actions:
The police have filed multiple FIRs and arrested key individuals associated with the scam.
Arrests Made: The counting store incharges of general manager Taniya Xasatova director Sarvesh Ashok Surve and store in charge Valentina Kumar were arrested.
Look Out Circulars: Notices were issued for CEO Tausif Reyaz and Director Victoria Kovalenko, who are currently absconding.
International Links: The scam involved foreigners; a man from Ukraine is believed to be behind a similar con in Turkey.
Read More: How To Report Cybercrime And Online Fraud In India?
The CEO, who is along with some other people, said that they have unearthed some fraudulent practices in the financial arena and is still under the radar of suspicion.
Claims of Evidence Submission: CEO Reya and others- Director, Surender; CA Abhishek Gupta lodged a report through FIR No 300-300 of 2015, which was a 154-page report on the irregularities that were observed by them.
Ongoing Investigations: While Gupta claimed to be under police protection, Reyaz himself is not visible to the public as he has received threats.
The Torres Jewellery case is a perfect example of how life becomes if people do not pin down investment frauds that promise high risk-reward ratios. This fraud which affected many investors requiring thousands of dollars to invest illustrates the need to enhance regulators' scrutiny. Although officials are probing the incident, this situation is quite a wake-up call to people who should check the authenticity of the account before they invest.
For any queries, share your opinions, or any updates or information, visit Jaagruk Bharat's community page. Be a part of India’s biggest Jaagruk community.
0
0
1k
0
0
1k Views
0
No comments available
Was this helpful?
For more content like this
Harsha Vardhanan
harsha_iyar
Thank you for posting valuable information ✨
23 Nov 2021
Verified User
Manjunath Nayak
nayak
Good portal for common man, very useful
23 Nov 2021
Verified User
Suraj Patil
suraj
Jaagruk Bharat does a fantastic job of breaking down complex policies into easy-to-read articles and videos, ensuring accessibility for all citizens.
23 Nov 2021
Verified User
Sankesh Hegde
sankesh
A very helpful website that aggregates and simplifies government guidelines, providing clear information in various languages for better public understanding.
23 Nov 2021
Verified User
ATHARV HANDE
@atharvhande744
Thank you very much for information ❤
23 Nov 2021
Verified User
More from the Author
Editor
Bio
You might also like
Related articles
Latest articles
Our Company
Home
About
T&C
Privacy Policy
Eula
Disclaimer Policy
Code of Ethics
Contact Us
Cancellation & Refund Policy
Jaagruk Bharat with its team work tirelessly to bring all government schemes, Sarkari Yojanas, policies and guidelines to you in a simplified and structured format.
Our team is at the forefront of gathering, verifying and breaking all central government and state government regulations uncomplicatedly.
Our mission and vision are to make the common citizen of India aware of all government-laid-out rules and policies in a single place. Thus, we Jagruk Bharat have created an all-inclusive portal for 1.5 billion Indian citizens to understand, utilize and avail benefits of govt schemes and policies and by bringing them under one roof.
Jaagruk Bharat (जागरूक भारत) is a one stop centralised destination where you can effortlessly find, understand, and apply for various government schemes. We are committed to ensuring transparency and empowering Indian citizens. Our goal is to keep India Jagruk about government policies, the latest news, updates, and opportunities.
जागरूक भारत अपनी टीम के साथ मिलकर लगातार काम करता है ताकि सभी सरकारी योजनाओं, नीतियों और दिशानिर्देशों को सरल और व्यवस्थित तरीके से आपके सामने पेश किया जा सके। हमारी टीम केंद्रीय और राज्य सरकार के सभी नियमों और विनियमों को आसानी से इकट्ठा करने, सत्यापित करने और प्रस्तुत करने में सबसे आगे है।
हमारा मिशन और दृष्टिकोण यह है कि भारत के हर नागरिक को सभी सरकारी नियमों और नीतियों से एक ही स्थान पर अवगत कराया जाए। इसलिए, हमने जागरूक भारत के रूप में 1.5 अरब भारतीय नागरिकों के लिए एक समग्र पोर्टल तैयार किया है, जहां वे सरकारी योजनाओं और नीतियों को समझ सकें, उनका उपयोग कर सकें और लाभ उठा सकें, सभी जानकारी एक ही छत के नीचे उपलब्ध है।
जागरूक भारत (Jagruk Bharat) एक केंद्रीकृत और सुव्यवस्थित गंतव्य है, जहां आप विभिन्न सरकारी योजनाओं को आसानी से खोज, समझ, और आवेदन कर सकते हैं, जिससे पारदर्शिता सुनिश्चित होती है और भारतीय नागरिकों को सशक्त किया जाता है।
हमारा उद्देश्य है कि भारत को सरकारी नीतियों, नवीनतम समाचारों, अपडेट और अवसरों के बारे में जागरूक बनाया जाए।जागरूक भारत (Jagruk Bharat) की मदद से आपकी कठिन से कठिन समस्या का आसान समाधान होगा...
अपने हक़ को अपनाओ ! जागरूक भारत पर आओ
All Copyrights are reserved by Jaagruk Bharat