Torres Jewellery Closes Overnight leaving Crores worth Investors in Chaos
The management of a jewelry company in the Ramdev Park neighborhood of Mira Road abruptly closed their business and stole crores of rupees by offering fake cashback schemes on the purchase of moissanite stones and gems which later turned out to be fake leaving thousands of investors in the dark.
In Mumbai, Torres Jewellery maintains showrooms in locations including Grant Road, Kalyan, Mira Road and Navi Mumbai. Outside the Torres Jewellery office in Dadar, a large number of investors gathered to demand payment for the promised returns from the business’s schemes.
Individuals had put lakhs of rupees into programs that promised profits. The scheme’s initial installments were paid out by the corporation. Investors were compelled to gather outside the Torres office in Dadar after it failed to pay out installments for the previous two weeks. When the Mumbai police reached the scene, they set up protection at the office’s entrance.
The plan said that the business would give investors a weekly return of 10%. According to reports, the company’s top executives have been the subject of police accusations for allegedly defrauding investors. However Torres Jewellery accused Tausif Reyaz, its CEO of implementing a fraudulent plan in a social media post.
So far the police have taken statements from at least seven people who collectively lost Rs 13.48 crore in the Ponzi scheme which guaranteed 25% monthly income on their investment.
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