Torres Jewellery Fraud: Investors Cheated of ₹12 Crore



A Shocking Scam Comes to Light

Mumbai’s Torres Jewellery is at the center of a massive fraud, accused of cheating investors of over ₹12 crore. The company initially attracted people by promising high weekly returns, ranging from 4-11%, on their investments. For the first few months, investors received the promised returns, which built trust in the scheme and encouraged more people to join. However, as the scheme grew and more funds poured in, Torres suddenly stopped making payments. The company’s outlets across the city were abruptly shut down, leaving thousands of investors, including some police officers, in financial ruin.

How the Fraud Spread Rapidly

The fraudulent investment scheme took off in July 2024 and spread quickly through word of mouth. Torres Jewellery had showrooms in key locations such as Dadar, Grant Road, Kalyan, and Mira Road, which helped the scheme gain credibility. With its strong presence in busy areas and attractive returns, people started investing amounts ranging from ₹20,000 to ₹50 lakh. The initial payouts gave the impression of a reliable and profitable opportunity, convincing even cautious investors to participate.

A Sudden Collapse Shocks Investors

By December 2024, the payouts stopped, and the company’s showrooms were shuttered without notice. This sudden halt left investors in shock and despair. Many of them had taken out loans or mortgaged assets to invest, hoping for quick and high returns. Now, they are struggling to recover even their initial investments. Crowds of frustrated investors gathered outside the company’s Dadar showroom, demanding refunds and answers. Several said they no longer cared about the promised profits—they simply wanted their money back.

Accusations Against Key Executives

Allegations have been made against Torres Jewellery’s CEO, Tausif Reyaz, and accountant, Abhishek Gupta, who are accused of masterminding the fraud. Reports suggest that the duo looted company funds and disappeared after vandalizing the company’s showrooms. A website claiming to represent Torres even accused the two of organizing the scam and stealing money systematically over several months.

The Company’s Alleged Plan

According to some reports, Torres introduced a scheme that offered 6% weekly returns for a year, starting in February 2024. Investors were also given discounts on jewellery purchases as part of the plan. The scheme appeared legitimate as the company initially delivered on its promises. However, when the payouts stopped in December, it became clear that it was a carefully planned scam to exploit people’s trust and money.

Police Investigation and Public Outcry

The scam has drawn significant attention from law enforcement. An FIR was first filed at the Shivaji Park Police Station and later transferred to the Economic Offenses Wing (EOW) for a detailed investigation. Three arrests have been made so far, including two foreign nationals. Meanwhile, large crowds of investors continue to protest outside the company’s outlets, demanding justice. On December 7, heavy police deployment was required to control angry mobs outside the Dadar showroom.

A Lesson in Investment Caution

This case highlights the dangers of schemes that promise unusually high returns in a short period. Many victims of the Torres Jewellery fraud were drawn in by the lure of easy money, only to find themselves trapped in financial distress. As the investigation continues, it serves as a stark reminder for individuals to thoroughly research and verify investment opportunities before parting with their hard-earned money.

This unfolding scandal has not only exposed the vulnerability of investors but also raised questions about the regulation and monitoring of such schemes.