A jewellery chain in Mumbai, Torres Jewellery, has allegedly defrauded hundreds of people through a Ponzi scheme promising high returns, leaving investors furious and demanding their money back. The scheme, which promised lucrative returns on gemstone jewellery investments, was exposed when the company’s stores closed suddenly, leaving many customers devastated and seeking justice.

The company, with six stores located in and around Mumbai, has been accused of defrauding investors through an elaborate Ponzi scheme. As of today, hundreds of investors have gathered at Torres’ Dadar store in Mumbai, hoping to retrieve their funds. The police have registered a case against the jewellery chain and its holding company, Platinum Hern Private Limited, along with several key individuals involved, including the CEO, general manager, and store in-charge. The accused face serious charges, including cheating, criminal conspiracy, and financial fraud.

The scheme explained

Torres Jewellery, which opened its stores in February last year, offered a scheme that attracted many lower-middle-class investors. Under the plan, customers who invested Rs 1 lakh would receive a pendant adorned with a moissanite stone worth Rs 10,000. Investors were also promised interest on their investments, starting at 6 per cent annually, which later climbed to 11 per cent. Many customers received payouts during the initial months of the scheme, but payments abruptly stopped around two months ago.

As the scheme gained traction, Torres made an attempt to encourage further investment by offering an increased interest rate of 11 per cent for those who invested before January 5. Additionally, the company offered an extra 0.5 per cent interest for payments made in cash. However, just one day after this announcement, Torres closed its stores on January 6, leaving investors stranded and realizing they had been scammed.

The investors’ perspective

The bulk of Torres’ investors come from Mumbai’s lower-middle class, including small traders and vegetable sellers, many of whom were lured by the promise of high returns. Investors had put in amounts ranging from a few thousand rupees to several crores. Seven individuals who filed a police complaint have stated they had invested over Rs 13 crore collectively.

One investor, speaking to NDTV, expressed her frustration, saying, “We did get some payouts. We want to ask the government, it got tax. So why is it not helping us now?” Another investor, visibly upset, vowed not to leave the Torres office until she received her money back, calling it “hard-earned money.” Many investors noted that the company’s official brochures displayed GST and CIN numbers, leading them to believe the business was legitimate and government-sanctioned.

Torres’ claims of a coup

In a surprising twist, Torres Jewellery uploaded a video on its official YouTube account, alleging that its CEO, Tausif Reyaz, and Chief Analyst, Abhishek Gupta, orchestrated a coup and robbed the company’s showrooms. The video claimed that Reyaz and Gupta were responsible for orchestrating a fraudulent scheme over several months and subsequently led a robbery at Torres’ stores to cover their tracks.

The video showed footage of individuals allegedly vandalizing stores and stealing valuables. According to Torres, CCTV footage revealed that around 100 people broke into the stores, opening safes and stealing money. The company has claimed it provided this evidence to the police.

Police investigation

The police are now investigating the case, and several key individuals from Torres Jewellery have been named as suspects. Authorities are working to determine the full extent of the fraud, and whether other employees were complicit in the scheme.

While many investors are left devastated, they are demanding accountability and action from both the authorities and Torres Jewellery. The case continues to unfold, and the scam has drawn attention to the need for stricter regulations in the financial and investment sectors, especially for schemes promising unusually high returns.

As of now, Torres Jewellery has not responded to questions from the media regarding the scam or the closure of its stores. However, investors remain hopeful that the authorities will take swift action and ensure justice is served.

Delhi Chief Minister today alleged that the Central government cancelled the allotment of the Chief Minister’s residence on 6 Flag Staff Road for the second time in three months. She claimed that she received the eviction letter from the Central government a day before the Election Commission of India announced the dates for the Delhi Assembly elections.

Accusing the BJP of targeting her family, CM Atishi said that when she became the Chief Minister, the BJP threw her belongings on the road. She added that the BJP can snatch their houses, stop their work but cannot stop their passion for working for the people of Delhi. She claimed that if needed, she will come and stay at the homes of the people of Delhi and keep working for the people of the national capital.

Reportedly, the Delhi Chief Minister has been asked to choose from two bungalows namely Bungalow No. 2 at 8 Raj Niwas Lane, Civil Lines and Bungalow No. 115 at Ansari Road, Daryaganj. Her eviction letter came amidst an ongoing investigation into the renovation of the Chief Minister’s residence.

Notably, initially approved at Rs 7.61 crore in 2020, the project saw its costs spiral to Rs 33.66 crore by April 2022. While intensifying her attack on the Centre, the Chief Minister claimed that AAP would continue to work for the people at any cost and the party would ensure that every woman in Delhi receives Rs 2,100 as part of the Mahila Samman Yojana.

CM Atishi said that she took an oath that she will ensure that every woman in Delhi gets Rs 2,100, every priest gets Rs 18,000 honorarium and every elderly person gets free treatment under the Sanjeevani Yojana.

The Election Commission of India today announced that the Delhi Assembly elections will be held in a single phase on February 5, while the counting of votes will take place on February 8.

Notably, the Congress, which was in power for 15 consecutive years in Delhi, has suffered setbacks in the last two assembly elections and has failed to win any seat. The AAP dominated the 2020 assembly elections by winning 62 out of 70 seats while the BJP got only eight seats.

The Election Commission of India today announced that the Delhi Assembly elections would be held on February 5, and the counting of votes will take place on February 8. More than 1.55 crore Delhi voters will vote in the Assembly election. The national capital has 70 Assembly constituencies, 12 of them reserved. 

Around 13,033 voting stations will conduct the election for choosing members of the eighth Delhi Assembly. The voting will be held in a single phase. The Election Commission said that the last date to file nominations is January 17 and withdraw candidates is January 20. With this announcement, the model code of conduct is now in force in the capital. 

Addressing the media, Chief Election Commissioner Rajiv Kumar said more than 2 lakh youngsters will vote for the first time in this election. While announcing several initiatives to make the voting experience smooth, the election body said arrangements would be made for the elderly and persons with disabilities to access polling booths without difficulty. It further said those above 85 years can cast their vote at home.

This Delhi Assembly elections will witness a triangular contest among the Aam Aadmi Party (AAP), Bharatiya Janata Party (BJP), and Congress. The Arvind Kejriwal-led AAP will aim for its third consecutive term, riding on its previous electoral successes, while the BJP and Congress will challenge AAP’s dominance in the capital. The BJP is keen on ending AAP’s winning streak, while Congress seeks to reclaim its lost ground in the city’s political arena. 

The Assembly Election has brought a range of critical issues to the forefront, with political parties battling to address citizens concerns and secure their mandate. Among the major factors being debated are safety from crimes, citizen security, water supply, education, women empowerment, and freebie politics.

Earlier in the 2020 Assembly elections, the Aam Aadmi Party (AAP) swept the elections, winning 62 out of 70 seats. The BJP managed to secure eight seats, while the Congress failed to open its account. According to the Election Commission, voter turnout was recorded at 62.82 per cent, and a decline of 4.65 per cent from the 2015 Assembly election in Delhi.