Mumbai fraud: Investors gather outside Torres Jewellery office in Dadar over unpaid returns; company blames CEO

A large crowd of investors gathered outside the Torres Jewellery office in Dadar, demanding refunds for the promised returns from the company’s schemes.

People had invested lakhs of rupees in schemes promising returns, according to a report by Lokmat Times. The company initially disbursed the instalments of the scheme. However, it failed to disburse instalments in the last two weeks, forcing investors to gather outside the Torres office in Dadar. The Mumbai police arrived at the location and deployed security at the entrance of the office.

Reportedly, the owner of the company is currently living abroad.

Torres scam

According to the scheme, the company promised a weekly return of 10 per cent on investments. However, investors claimed that they had not received any return for two weeks or any communication from the company. The scheme has been operating in several parts of Mumbai for the past year. 

Currently, the investors are demanding the principal amount of the scheme. Many investors were quoted saying, “We don't need interest, just the money back.”

Torres Jewellery has showrooms across Mumbai in areas such as Grant Road, Navi-Mumbai, Kalyan and Mira Road.

The police have reportedly registered complaints against the company's top executives for allegedly cheating the investors. However, in a social media post, Torres Jewellery blamed its Chief Executive Officer (CEO), Tausif Reyaz, for running a fraudulent scheme.

“Earlier, we learned that they organized a fraudulent scheme, and they also systematically appropriated the company’s money for many months,” the post said.

“On investing ₹1 lakh in a scheme floated by the store, customers would get a discount of ₹10,000 on a pendant with a moissanite stone. Customers and investors were also promised 6% of the invested sum paid out across the following 52 weeks. They had launched schemes in February 2024 and were to complete a year this February,” one of the investors told Hindustan Times.

FIR REGISTERED

The Shivaji Park police have registered an FIR against the directors and CEO of Torres Jewellers in connection with a fraud case. The complaint, filed by a vegetable vendor from Nariman Point, sparked unrest as a crowd of investors gathered outside the company’s Dadar office, demanding repayment of their investments after the promised returns ceased.