Tue Jan 07 15:16:13 UTC 2025: ## Torres Jewellery House Executives Booked for Alleged Crore-Rupee Investment Scam

**MUMBAI, INDIA –** Top executives of Torres Jewellery House are facing criminal charges after allegedly defrauding investors of at least ₹13.48 crore (approximately $16.3 million USD) through fraudulent investment schemes. Police have registered cases against five executives, including CEO Tausif Reyaz, following complaints from panicked investors who gathered outside multiple showrooms demanding their money.

The jewellery house, with locations across Mumbai, offered schemes promising high returns, including a 6% weekly payout on investments and discounts on jewellery. One investor described a scheme where a ₹1 lakh investment earned a ₹10,000 discount on a pendant, along with the weekly payouts. These schemes, launched in February 2024, allegedly operated as a pyramid scheme.

Payments stopped two weeks ago, triggering protests from investors. Police have registered cases under multiple sections of the Bhartiya Nyaya Sanhita, 2023, and the Maharashtra Protection of Interest of Depositors Act, 1999, charging the executives with cheating, criminal breach of trust, and criminal conspiracy. The holding firm, Platinum Hern Private Limited, and its directors are also named in the FIR.

Police suspect that the actual amount defrauded is significantly higher than the currently reported ₹13.48 crore, considering the company’s five stores across the Mumbai Metropolitan Region (MMR). Some suspects are believed to have fled the country. Investigations are ongoing in multiple police jurisdictions across the MMR, with reports indicating potential losses exceeding ₹100 crore.

Investors recounted stories of significant losses. One wholesale vegetable vendor reported losing ₹7 lakh, while a group of his relatives and friends lost a collective ₹4.55 crore. Another investor stated that their group alone invested approximately ₹3 crore.

While Torres Jewellery House claims on its website that its CEO, Tausif Reyaz, was responsible for the alleged fraud, police investigations are continuing to determine the full extent of the conspiracy and recover funds for the affected investors.

Read More