Tue Jan 07 14:25:33 UTC 2025: ## Mumbai Jewellery Firm in Rs 12 Crore Investment Scam; Three Arrested
**Mumbai, December 8, 2024** – Torres Jewellery, a Mumbai-based diamond trading company, is at the center of a massive investment scam allegedly defrauding investors of over Rs 12 crore. The company, which operated through a network of showrooms across the city, lured investors with promises of weekly returns ranging from 4% to 11%.
Initially, the scheme appeared legitimate, with early investors receiving promised payouts and bonuses for referrals. However, this month, as the number of participants swelled, Torres abruptly halted payments and closed its showrooms, triggering widespread outrage. Victims, including local police officers, invested sums ranging from Rs 20,000 to Rs 50 lakh.
The scheme, which began spreading through word-of-mouth in July 2024, utilized a sophisticated mobile application and provided investors with receipts. Its rapid expansion was facilitated by Torres’ strategically located outlets in areas like Dadar, Grant Road, Kalyan, and Mira Road.
Adding a twist to the case, a website claiming to represent Torres alleges that CEO Tausif Reyaz and accountant Abhishek Gupta, along with accomplices, vandalized and robbed the company’s showrooms. While the initial complaint was filed with the Shivaji Park Police Station, the Economic Offences Wing is now leading the investigation.
Three arrests, including two foreign nationals, have been made so far. On December 7th, a large crowd of angry investors gathered outside a Dadar showroom, demanding the return of their principal investments. Many had borrowed heavily or invested under multiple family members’ names to maximize referral bonuses. While some investors claim to have received communication from Platinum Hern Pvt., Torres’ parent company, promising repayment, the authenticity of these claims remains unverified. The investigation continues.
First Piper 