The Shivaji Park police have filed an FIR against the directors and CEO of Torres Jewellers following allegations of defrauding investors of over ₹13.48 crore. The complaint was lodged by a vegetable vendor from Nariman Point, prompting a crowd of concerned investors to gather outside the company’s Dadar office, demanding the return of their investments after promised returns ceased.
The Allegations
- The company, operating under Platinum Haren Private Limited, allegedly lured investors by promising exorbitant returns on gold, silver, and moissanite purchases.
- Returns were said to range from 48% to 520% annually, paid weekly.
- The scheme attracted thousands of investors, particularly in the Mira-Bhayander area, who now face significant losses after the company abruptly shut its doors.
Timeline of Events
- The complaint, filed by Pradeep Kumar Mamraj Vaishya, alleges that the fraud occurred between June 21, 2024, and December 30, 2024.
- Initially, the company delivered the promised returns, building trust among investors. However, payments, including the principal amounts, stopped entirely on December 30, 2024.
- Investors discovered the company’s closure when they found its offices shuttered on Monday.
High-Yield Moissanite Investments
Torres Jewellers encouraged investors to focus on moissanite stones, offering weekly returns of 8% to 11%, the highest among their investment options.
Police Investigation
- The FIR names Imran Javed, Sarvesh Surve, and Olena Styne, directors of Platinum Haren Pvt. Ltd., as the accused.
- Police revealed that the company’s owner might have fled abroad, and further investigations are underway to trace accomplices and suppliers.
- The accused face charges of breach of trust and fund misappropriation.
Counter-Claims by Torres Jewellers
In an unexpected twist, Torres Jewellers issued a statement on its website, alleging internal theft and vandalism:
- The company accused its CEO, Taufik Riaz, and Chartered Accountant Abhishek Gupta of orchestrating a burglary at one of its jewellery shops.
- CCTV footage was shared online, purportedly showing Riaz and Gupta stealing valuables and damaging property.
- Torres Jewellers claimed the incident was part of a larger conspiracy to harm the company.
Current Status and Investor Reactions
- Authorities are actively investigating both the fraud allegations and the counter-claims by Torres Jewellers.
- Panicked investors are demanding immediate action and restitution, with some alleging that the company was operating a well-organized Ponzi scheme.
This developing case has left thousands of investors in financial distress and raised serious concerns about regulatory oversight in the financial schemes market. As investigations continue, the focus remains on tracing the accused and recovering funds for the defrauded investors.
Stay tuned for further updates as the story unfolds.
