1 day Ago By James Paul
Endeavouring to make quick bucks when the economy sucks ain’t no one's fault, but willingly falling for the old ‘ikkis din mei paisa double’ Ponzi scheme is. Allegedly, the firm lured gullible investors with the promise of a weekly 10% return on their investments. The Mumbai’s Shivaji Park police have registered an FIR against the establishment in connection with defrauding investors to the tune of Rs 13.
48 crore. The complaint was filed by a vegetable vendor, Mr. Pradeep Kumar Mamraj Vaishya, who claimed of being duped between June 21, 2024, and December 30, 2024.
The company that operated under the aegis of Platinum Haren Private Limited has reportedly encouraged its investors to moissanite purchases, promising an 8% to 11% weekly return. Torres fraudulently promised 48%, 96%, and 520% annual returns, respectively, on the purchase of gold, silver, and moissanite. Investors are paranoid after the payments cease after two weeks.
Police stated that the owner of the firm could be abroad, and investigations are going on to get to the root of the scam and trace suppliers and identify accomplices. Many investors have gathered outside the jewelry shop, demanding their principal amount back at least, if not the interest. Torres Company ponzi scheme dupes people promising 25% monthly; investors protest outside Torres Jewellery's office over unpaid returns; company points fingers at CEO @AnujRayate reports pic.
twitter.com/Z5y6hYJHic — NDTV (@ndtv) January 7, 2025 Torres Jewellery Scam: Thousands Duped in Ponzi Scheme with 25% Monthly Returns, ₹13.5 Crore Lost as Mumbai Outlets Shut https://t.
co/bSPbqTIZJr ₹13-5-crore-lost-as-mumbai-outlets-shut/ pic.twitter.com/Ht0cIRKclh — Pune Pulse (@pulse_pune) January 7, 2025 #TorresScam | A crowd of investors gathered at #TorresJewellery in #Dadar , Mumbai, seeking refunds after the company failed to pay promised returns on investment schemes.
Read more: https://t.co/SHWjrDv0kb pic.twitter.
com/bLuskvD0Sj — Mint (@livemint) January 7, 2025 Meanwhile, the company took to social media and claimed that two employees, namely CEO Mr. Tausif Reyaz and Chief Analyst Mr. Abhishek Gupta, colluded and robbed the stores by instigating a large number of employees.
The company also alleged that the aforementioned accused organized a fraudulent scheme while systematically embezzling the company's money for several months. The company stated that the evidence for the same have been handed over to the police. A post shared by Jewellery store TORRES (@torres.
officiial) Reactions poured in with the internet taking a jibe at the investors. One user wrote, “Weekly return of 10 percent of investments is such an old scheme to fraud people. Still they manage to get new bakras!” Another user jibed, “Laxmi chit fund got real.
” Weekly return of 10 per cent on investments. 🤦 This is such an old scheme to fraud people. Still they manage to get new bakras.
https://t.co/VLmdzgXwgU — Niteen S Dharmawat, CFA (@niteen_india) January 7, 2025 🌟Laxmi Chit fund got real. I simply can't understand how people doing this again and again.
Mumbai's Torres Jewellers Accused Of ₹13.48 Crore Fraud; Company Alleges Theft By CEO And CA https://t.co/zoAerR8PiV — Chandrashekhar Dash (@Chandra69Op) January 7, 2025 See Also : ED Attaches INR 750 Crore Worth Assets Of Amway India; Accused Of Running Pyramid Scheme See Also : Shilpa Shetty And Raj Kundra Post Cryptic Messages Over ED Attaching Their Properties in Bitcoin Ponzi Scam See Also : Sandeep Maheshwari Exposes A Big Motivational Speaker Running Ponzi Scheme; The Internet Is Livid See Also : Billionaire Elon Musk’s Deepfake Promises Double Money Back In YouTube Video: Report See Also: Mark Cuban Disses Buying Real Estates In Metaverse As The ‘Dumbest Shit’ Ever.
