Tue Jan 07 15:16:14 UTC 2025: ## Mumbai Jewellery Chain Accused of Massive Ponzi Scheme, Blames CEO
**MUMBAI, INDIA** – Hundreds of investors are protesting outside Torres Jewellery stores in Mumbai after allegedly being defrauded in a massive Ponzi scheme. The jewellery chain, which operates six locations in the city, promised high returns – as much as 25% monthly – luring primarily lower-middle-class investors, including vegetable sellers and small traders.
Investors claim they were promised 6% interest, later increased to 11%, on their investments, with some receiving payments initially. However, payouts stopped two months ago, prompting widespread outrage. Seven investors have filed a police complaint, stating they collectively invested over ₹13 crore (approximately $1.5 million USD).
While investors are demanding their money back, Torres Jewellery has issued a statement and a YouTube video alleging that its CEO, Tausif Reyaz, and Chief Analyst, Abhishek Gupta, orchestrated a fraudulent scheme, embezzling funds and then staging a robbery at the company’s stores. The video purportedly shows CCTV footage of individuals vandalizing stores and stealing cash. Torres claims to have handed this evidence over to police.
The police have registered a case against Platinum Hern Private Limited, the holding company, its two directors, Reyaz, Gupta, and a store manager. Charges include cheating and criminal conspiracy.
Investors expressed anger and frustration, questioning the government’s role in allowing the scheme to operate for eight months, especially given the company’s listed GST and CIN numbers, which they believed indicated legitimacy. One investor stated, “We did get some payouts. We want to ask the government, it got tax. So why is it not helping us now?”
The incident highlights the vulnerability of low-income individuals to fraudulent investment schemes and raises questions about regulatory oversight. The investigation is ongoing, and the full extent of the financial losses remains to be determined.
First Piper 