Know all details about the scam involving Mumbai’s Torres Jewellery and the name of the owner
A major financial scam involving Torres Jewellers has come to light, with the Shivaji Park police registering an FIR against the company’s directors and CEO for allegedly defrauding investors of over ₹13.48 crore. Investors flocked outside the company’s office in Dadar, demanding the return of their principal amounts after the promised investment returns abruptly stopped. The Shivaji Park Police have filed an FIR under Sections 318(4), 316(5), and 61 of the Bharatiya Nyaya Sanhita (BNS), in addition to Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (MPID) Act, 2023.
What is the name of Torres Jewellery’s owner, director and CEO as Mumbai’s jeweller is involved in Ponzi scheme scam
How Torres Jewellers duped their investors?
Torres jewellery has shifted the blame to its CEO and other staff members, alleging that they conned customers through a fraudulent scheme and also robbed and vandalised stores part of the chain.
Torres’ official YouTube account has uploaded a video, claiming that its CEO led a coup and facilitated robbery at the company’s showrooms saying, “Under the leadership of two Torres employees, CEO Tausif Reyaz and Chief Analyst Abhishek Gupta, a coup was organised in the team tonight and Torres stores were robbed”.
Platinum Hern Pvt. Ltd. lured investors by promising lucrative returns on investments through the sale of Moissanite stones, offering a weekly return of 6% on invested amounts and initially, the company delivered returns to gain trust, but all payments, including principal repayments, ceased on December 30, 2024.
Torres has six stores in and around Mumbai which were opened in February 2024 and police have registered a case and named the holding firm Platinum Hern Private Limited, its two directors, CEO, general manager and a store in-charge as accused. The accused have been charged with cheating and criminal conspiracy.
Pradeep Kumar Mamraj Vaishya (31), a vegetable vendor residing at Mahatma Phule Nagar, Nariman Point, reported the alleged fraud, which occurred between June 21, 2024, and December 30, 2024.
Recently, a case has been filed against the management of a Mumbai-based firm for allegedly defrauding investors of ₹13.48 crore. The directors and owners of Platinum Hern Private Limited which operated the Torres Jewellers brand, Sarvesh Ashok Surve and Victoria Covalenko, CEO Taufiq Riyaz (alias John Carter), general manager Tania Cosatova, and store in-charge Valentina Kumar, have been booked by the police. No arrests have been made yet with the owner absconding.
The irregularities were revealed when several investors realized they had been cheated by the firm, which operates under the ‘Torres’ brand. The investors had gathered at the Torres Vastu Centre building in Dadar West after learning that several branches of the company in Mumbai and its neighboring areas had shut down without notice. A complainant, who was a 31-year-old vegetable vendor from Khar, stated that he had invested money between June and December 2024, after being promised substantial returns by the firm.
Torres Company ponzi scheme dupes people promising 25% monthly; investors protest outside Torres Jewellery's office over unpaid returns; company points fingers at CEO@AnujRayate reports pic.twitter.com/Z5y6hYJHic
— NDTV (@ndtv) January 7, 2025
He mentioned that the company had guaranteed 6% weekly returns on investments in moissanite, which is a naturally occurring silicon carbide used in jewelry and industrial applications. The complainant further explained that while some returns were paid until December 30, 2024, the company ceased all payments after that date. This led him to file a report at Shivaji Park police station. Based on his complaint, a case of cheating, breach of trust, and other offenses was registered under the Indian Penal Code (IPC) and the Maharashtra Protection of Interest of Depositors (MPID) Act against Platinum Hern Private Limited and its management.
Mumbai: Torres Jewellery Company allegedly promised investors a 10% weekly return, which attracted many people.
However, on Monday, investors found the company's office locked and protested outside the firm's branch, demanding justice.
An investigation has been initiated.… pic.twitter.com/sNMSrJaGmZ
— TIMES NOW (@TimesNow) January 7, 2025