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Mumbai jewellery chain scams thousands in Ponzi scheme; investors demand justice

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Investors gather outside Torres Jewellery store in Mumbai demanding their money back after being scammed in a Ponzi scheme.

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.

India News

Congress suspends 5 Haryana MLAs over cross-voting in Rajya Sabha polls

Congress suspends five Haryana MLAs for cross-voting in Rajya Sabha elections, citing serious indiscipline and anti-party activities.

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The Congress has suspended five of its MLAs in Haryana for cross-voting during the recent Rajya Sabha elections, taking disciplinary action over what it described as “anti-party activities”.

The move came after the state unit reviewed the conduct of certain legislators during the polls, where some were found to have voted against the party’s authorised candidate.

Five MLAs suspended after disciplinary process

According to party sources, the MLAs were issued show-cause notices seeking an explanation for their actions. After reviewing their responses, the Congress disciplinary committee recommended suspension.

The decision was approved by the party leadership, including Congress president Mallikarjun Kharge, and has been implemented with immediate effect.

Party calls it ‘grave indiscipline’

Haryana Congress chief Udai Bhan said the action was necessary to uphold party discipline, stressing that defying the official party line during elections weakens organisational unity.

He said the party takes such violations seriously and will continue to act against any form of indiscipline.

Leadership backs strict action

Senior Congress leader and Leader of Opposition Bhupinder Singh Hooda supported the decision, saying it was taken after due consideration.

He noted that while Rajya Sabha elections are conducted through an open ballot system, allowing legislators some flexibility, the party retains the authority to initiate internal disciplinary action in cases of deviation.

Background

The action follows cross-voting reported during the recent Rajya Sabha elections in Haryana, which led to internal concerns within the party. The development has highlighted organisational challenges and prompted the leadership to take corrective steps to reinforce discipline.

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Harivansh set to be elected Rajya Sabha Deputy Chairperson unopposed

Harivansh is set to be elected unopposed as Rajya Sabha Deputy Chairman after no opposition nominations were filed before the deadline.

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Former Rajya Sabha Deputy Chairman Harivansh is set to be re-elected to the same post unopposed in the election due to be held later today.
The date has been fixed by the Chairman under the relevant rules governing the conduct of business in the Upper House.
According to sources, the deadline for submitting motions for the election was 12 noon on April 16. A total of five notices were received within the stipulated time, all proposing Harivansh for the post.

Multiple nominations, single candidate
The motions were submitted by members across parties, including Jagat Prakash Nadda, Nitin Nabin, Nirmala Sitharaman, Sanjay Kumar Jha, and Jayant Chaudhary, each backed by seconding members.
All five motions explicitly state that Harivansh be chosen as the Deputy Chairman of the Rajya Sabha.

No opposition nomination filed

Notably, no motion was submitted by the Opposition before the deadline. This effectively clears the path for a unanimous election, as there is no contest for the position.
As per parliamentary procedure, motions will be taken up one by one. Once any one motion is adopted by the House, the remaining motions will not be put to vote.

Likely to be elected by voice vote
In line with established practice, the first motion — expected to be moved by Nadda — may be adopted through a voice vote. Following this, the Chairman will formally declare Harivansh as elected Deputy Chairman.
After the declaration, Harivansh will be escorted to the Chair by members from both the Treasury and Opposition benches, adhering to parliamentary convention.

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Amit Shah counters delimitation concerns, says southern states to gain Lok Sabha seats

Amit Shah assures Parliament that southern states will gain Lok Sabha seats after delimitation, countering opposition criticism during the women’s reservation debate.

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Amit Shah

Union Home Minister Amit Shah on Thursday addressed concerns over the proposed delimitation exercise, asserting in the Lok Sabha that southern states will not lose representation but instead see an increase in their number of seats.

His remarks came during a heated debate linked to the implementation of women’s reservation, where opposition parties have raised fears that population-based delimitation could reduce the political weight of southern states.

Shah rejected these claims, calling them misleading, and said the proposed framework ensures fairness while expanding the overall strength of the Lok Sabha.

Seat count to rise with expansion of Lok Sabha

The government has indicated that the total number of Lok Sabha seats could increase significantly as part of the delimitation process. In this expanded House, the combined representation of southern states is expected to rise from 129 seats at present to around 195 seats.

Shah emphasised that no state will lose seats in absolute terms, and the exercise is designed to reflect population changes while maintaining balance across regions.

State-wise projections shared in Parliament

During his address, Shah also provided indicative figures for individual southern states, suggesting notable increases in representation. According to the projections:

  • Tamil Nadu could see its seats rise substantially
  • Kerala, Telangana, and Andhra Pradesh are also expected to gain additional seats
  • Karnataka’s representation may increase as well

These figures were presented to counter the argument that delimitation would disproportionately favour northern states.

Political debate intensifies over linkage with women’s quota

The delimitation exercise has been closely linked to the rollout of women’s reservation, which proposes one-third seats for women in Parliament and state assemblies.

Opposition leaders have questioned this linkage, arguing that tying reservation to delimitation could delay its implementation and raise federal concerns. Some leaders have also warned that the move could impact national unity if apprehensions among states are not addressed.

The government, however, maintains that the reforms are necessary to ensure equitable representation and to align the electoral system with demographic realities.

Centre dismisses ‘false narrative’ on southern states

Shah reiterated that concerns about southern states losing influence are unfounded. He said the delimitation process will increase representation across regions and described the criticism as a “false narrative” aimed at creating confusion.

The issue is expected to remain a key flashpoint as Parliament continues discussions on the women’s reservation framework and related legislative changes.

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