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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.

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Andhra Pradesh a major hub for IT and technology due to its innovative spirit: PM Modi in Visakhapatnam

During his visit, the Prime Minister led an extensive roadshow in Visakhapatnam, where he inaugurated and laid the foundation stone for projects valued at ₹2 lakh crore.

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Andhra Pradesh is emerging as a significant hub for IT and technology, driven by its spirit of innovation, Prime Minister Narendra Modi said on Wednesday. He added that “this is the moment for Andhra to establish itself as a center for new, futuristic technologies”.

Speaking at a public meeting in Andhra Pradesh’s Visakhapatnam, PM Modi emphasized, “We must take the initiative in emerging technologies, such as green hydrogen, which is poised to be a vital sector of the future.”

During his visit, the Prime Minister led an extensive roadshow in Visakhapatnam, where he inaugurated and laid the foundation stone for projects valued at ₹2 lakh crore.

Accompanied by Andhra Pradesh Chief Minister N Chandrababu Naidu and Deputy Chief Minister Pawan Kalyan, PM Modi paraded from the Sampath Vinayak Temple to the engineering college grounds at Andhra University. Large crowds gathered to greet them, showering the leaders with flowers and waving in response as they traveled in an open vehicle.

Among the projects inaugurated, PM Modi laid the foundation for a railway zone and NTPC’s integrated green hydrogen hub in Pudimadaka, located in the Anakapalli district. He also dedicated several road and rail projects to the nation.

“Our Andhra Pradesh is a land of possibilities and opportunities. It is only when these opportunities are realized that Andhra will thrive, and India will achieve its aspiration of becoming a developed nation. Therefore, Andhra’s progress is our vision, and we are committed to serving the people of the state,” stated PM Modi.

Commending the Telugu Desam Party-led government, the Prime Minister noted, “Andhra Pradesh aims to become a 2.5-trillion-dollar economy by 2047, a vision spearheaded by Chandrababu Naidu’s ‘Swarna Andhra @ 2047’ initiative, with the NDA-led central government supporting the state government every step of the way.”

He added, “Now is the time for Andhra to become a hub of new technologies.”

PM Modi announced that Visakhapatnam would host one of the few large-scale green hydrogen production facilities globally, which is expected to generate numerous job opportunities and foster a robust manufacturing ecosystem in the state.

He mentioned the foundation stone laydown for the Bulk Drug Park in Nakkapalli, highlighting that Andhra Pradesh is one of just three states in the country where such parks are being established.

“Our government sees urbanization as an opportunity, and we aspire to make Andhra Pradesh a model for new-age urbanization. Today, we have also laid the foundation for the Krishnapatnam Industrial Area to help realize this vision,” PM Modi added.

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Jammu & Kashmir: Railways introduces Vande Bharat, tailored for winter conditions in UT, for Katra-Srinagar route

By establishing a more effective connection between the Kashmir Valley and the national railway network, the train symbolizes India’s commitment to reducing geographical and economic disparities, according to a press statement from the Railways.

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The Railway Board has introduced a Vande Bharat Express train specifically designed to tackle the harsh winter conditions of Jammu & Kashmir, intended for the forthcoming Katra-Srinagar rail route. This route is currently undergoing inspection by the Commissioner of Railway Safety, according to officials.

Housed at the Shakurbasti coaching depot in New Delhi, the train boasts specialized climate-related features, as reported by the Railways. Railway officials detailed these features during a press briefing, noting that this train includes several enhancements compared to the other 136 Vande Bharat Express trains operating across the country, allowing it to effectively address the operational challenges and passenger comfort during extreme weather conditions in Jammu & Kashmir.

Dileep Kumar, Executive Director (Information & Publicity) of the Railway Board, explained, “It is equipped with advanced heating systems that prevent the freezing of the water tank and bio-toilet tanks, provide warm air for the vacuum system and laboratories, and ensure the air-brake system operates efficiently even in sub-zero temperatures.” He also mentioned that the train features embedded heating elements in the windshield to automatically defrost the driver’s front lookout glass, ensuring clear visibility in severe winter conditions.

In addition to these climate adaptations, the train maintains all the amenities found in existing Vande Bharat trains, including fully air-conditioned coaches, automatic plug doors, and mobile charging sockets. By establishing a more effective connection between the Kashmir Valley and the national railway network, the train symbolizes India’s commitment to reducing geographical and economic disparities, according to a press statement from the Railways.

On January 6, Jammu and Kashmir Chief Minister Omar Abdullah addressed concerns about potential negative impacts in Jammu following the upcoming launch of direct rail services between Kashmir and the rest of the country. He assured that his government would work to ensure that the region reaps significant benefits from the long-awaited project.

Speaking at an event in Jammu connected to the virtual inauguration of the Jammu railway division by Prime Minister Narendra Modi, Abdullah remarked on the positive news of the trial train’s arrival from Srinagar to Katra, expressing hope for the imminent inauguration by the Prime Minister.

However, he acknowledged some apprehensions among the locals regarding the rail service, particularly in Jammu. He noted, “It is often said that when the rail service reached Jammu from Pathankot (Punjab), conditions in Pathankot became somewhat challenging. Similarly, there are concerns in some areas that if trains start operating directly from Jammu to Kashmir, the situation in Jammu could mirror what happened in Pathankot.”

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Priyanka Gandhi reacts to Ramesh Bidhuri’s controversial cheeks remark, says ridiculous

Priyanka Gandhi said that all these remarks are irrelevant. She further mentioned that elections are taking place in Delhi, and important issues should be discussed.

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Priyanka Gandhi reacts to Ramesh Bidhuri’s controversial cheeks remark, says ridiculous

Congress leader and Wayanad MP Priyanka Gandhi Vadra on Wednesday reacted to former BJP MP Ramesh Bidhuri’s controversial reference to her cheeks as ridiculous. She said that important issues should be discussed during the Delhi assembly elections instead of such irrelevant matters.

The Wayanad MP added that the BJP candidate from the Kalkaji assembly did not speak about his own cheeks. She made these remarks after attending a parliamentary panel meeting. Terming the BJP leader’s remark as ridiculous, Priyanka Gandhi said that all these remarks are irrelevant. She further mentioned that elections are taking place in Delhi, and important issues should be discussed.

Last week, BJP leader Ramesh Bidhuri sparked a massive controversy for his remark in which he reportedly said that he would make the roads of the assembly seat area as smooth as Priyanka Gandhi’s cheeks. His remarks drew flak from opposition leaders, who described his comments as distasteful and sexist.

Taking to X, Congress leader Supriya Shrinate said that the BJP leader’s remarks were reflective of his ugly mindset towards women. She alleged that BJP is extremely anti-women, adding that Ramesh Bidhuri’s statement regarding Priyanka Gandhi is not only shameful but also shows his disgusting mentality towards women. But what else can be expected from a man who abused his fellow MP in the House and did not get any punishment, she continued.

Furthermore, Mahila Congress president Alka Lamba also lambasted the BJP leader and accused him of insulting women once again in his usual indecent language.

Later, former BJP MP Bidhuri expressed regret over his remarks and issued a clarification. He also defended himself saying that such remarks have been made in the past as well. He pointed out that RJD chief Lalu Prasad Yadav, an ally of the Congress, for his similar remarks on BJP MP Hema Malini, alleging that the grand old party is now making an issue of it.

He added that he respects women and takes his words back if they have hurt someone but he thinks Congress and AAP should also introspect.

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