Tue Jan 07 14:01:32 UTC 2025: ## Mumbai Jewellery Firm Director Accused of Rs 13.48 Crore Investment Scam
**Mumbai, January 7, 2025** – The Shivaji Park police have arrested the director of Torres, a luxury jewellery brand, and four others for allegedly defrauding investors of Rs 13.48 crore. The alleged scam came to light on January 6 when investors discovered the brand’s stores in Dadar and Sanpada closed without warning.
Investors, who claim to have been promised weekly returns of up to 11%, reported receiving payments until December 30 but nothing since. They gathered outside the closed stores expressing concern over the missing funds. One investor, Pradip Devilya, stated that while he received payments last week, the sudden closure has created uncertainty. Another, Mutuza Jarora, who invested Rs 1 lakh, said the company’s failure to answer calls heightened anxieties. A third anonymous investor, who invested Rs 50 lakh with family members, expressed panic over the possibility of losing their investment.
The police have registered a case under the Maharashtra Protection of Interest of Depositors Act (MPID), 1999. Investigations are underway to determine the full extent of the alleged fraud and recover the investors’ money.
First Piper 