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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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Rahul Gandhi to visit Indore over contaminated water deaths, draws mixed political reactions

Rahul Gandhi is set to visit Indore to meet families affected by contaminated water deaths as BJP and Congress leaders exchange sharp yet contrasting responses.

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Rahul-Gandhi

Leader of the opposition in the Lok Sabha Rahul Gandhi is scheduled to visit Indore on Saturday amid mounting political and public concern over deaths linked to contaminated drinking water in the city. His visit has triggered varied responses from political leaders, reflecting the tense atmosphere surrounding the issue.

According to the proposed itinerary, Rahul Gandhi will begin his visit at Bombay Hospital, where several people affected by contaminated water are currently undergoing treatment. He is expected to meet patients and their families before proceeding to Bhagirathpura, the area identified as the epicentre of the crisis. There, he will interact with families who lost relatives after consuming contaminated water.

BJP veteran welcomes visit, stresses democratic role of opposition

Former Lok Sabha Speaker and senior BJP leader Sumitra Mahajan welcomed Rahul Gandhi’s visit, adopting a conciliatory tone and underlining the importance of opposition voices in a democracy.

“This is how democracy works,” Mahajan said, adding that the opposition has a responsibility to raise issues affecting the public. She recalled that when her party was in the opposition, it fought strongly to earn people’s trust by standing with them during difficult times.

Chief minister warns against ‘politics over tragedy’

In contrast, Madhya Pradesh Chief Minister Mohan Yadav issued a sharp warning without naming Rahul Gandhi directly, cautioning against what he described as politicisation of a tragedy.

“We have faced this difficult phase with sensitivity,” the chief minister said. He added that Indore would not tolerate politics being played over deaths and stressed that protests must remain constructive, warning of serious consequences if the issue is used for political gain.

Closed-door meeting fuels political discussion

Adding to the political churn, Madhya Pradesh Congress president Jitu Patwari met Sumitra Mahajan at her residence in a closed-door meeting. The discussion focused on the Bhagirathpura water contamination incident and possible long-term solutions, fuelling speculation across political circles.

Speaking to the media later, Patwari said the tragedy should not be turned into a political contest. “This is not just a political issue, it is a serious public health issue,” he said, noting that several parts of Madhya Pradesh are facing problems related to contaminated drinking water.

Patwari stressed that ensuring access to clean and potable water should take precedence over political rhetoric. He said the government must focus on protecting Indore’s reputation and safeguarding the future by strengthening the city’s water supply system.

Responding to queries, Sumitra Mahajan said Patwari had been meeting her for a long time and spoke positively about his efforts. She confirmed that the discussion centred on the Bhagirathpura incident and said she offered suggestions, calling for collective efforts to resolve the crisis.

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Suvendu Adhikari files Rs 100-crore defamation suit against Mamata Banerjee

Suvendu Adhikari has moved an Alipore court seeking Rs 100 crore in damages from Mamata Banerjee, alleging defamation over coal scam claims.

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Suvendu-Adhikari

West Bengal opposition leader and BJP MLA Suvendu Adhikari on Friday filed a defamation suit against Chief Minister Mamata Banerjee, seeking Rs 100 crore in damages for allegedly linking him to a coal scam.

In a post on social media, Adhikari said the suit was filed before the court of the civil judge (senior division) at Alipore after Banerjee did not respond to a legal notice sent to her earlier.

Adhikari accused the chief minister of making what he described as “imaginary allegations” and said her silence on the defamation notice had compelled him to move court.

“I honour my commitments while you obfuscate issues and people. Your deceptive silence to the defamation notice pertaining to your vile imaginary allegations of my involvement in some alleged coal scam will not help you salvage the situation,” Adhikari wrote on X.

He added that he had kept his word of initiating legal action and shared a photograph related to the registration of the civil suit.

Adhikari also stated that if damages are awarded in his favour, the amount would be donated to charity.

Legal notice and allegations

According to Adhikari, the legal notice sent through his advocate referred to statements made by Banerjee on January 8 and 9, during which she allegedly linked him and Union Home Minister Amit Shah to an alleged coal scam while claiming to possess evidence.

In the notice, Adhikari had asked Banerjee to substantiate the allegations within 72 hours, failing which he would proceed with a defamation suit.

Adhikari, who was earlier a minister in the Trinamool Congress government, joined the BJP ahead of the 2021 West Bengal Assembly elections and is currently the leader of the opposition in the state assembly.

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Ajit Pawar concedes civic poll setback, says public mandate is supreme

Ajit Pawar has accepted defeat in Maharashtra’s civic polls, acknowledging the public mandate and pledging stronger efforts to rebuild trust ahead of future elections.

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Ajit Pawar

Deputy Chief Minister and Nationalist Congress Party (NCP) chief Ajit Pawar on Friday accepted the verdict of the recently concluded municipal corporation elections in Maharashtra, stating that the public’s mandate must be respected above all else.

Following near-clear results in the 29 municipal corporations across the state, Pawar took to social media to formally acknowledge the party’s poor performance in several major urban centres. He said the outcome reflected the will of the people and congratulated all winning candidates.

“The public’s mandate is supreme, and we accept it with complete respect. I heartily congratulate all the winning candidates and wish them success in their upcoming terms,” Pawar said.

Ajit Pawar promises renewed effort after losses

Addressing the party’s inability to achieve the expected results, the NCP leader said his faction would introspect and work harder to regain the confidence of voters.

“In this local body election, where we did not achieve the expected success, I assure you that we will work with more responsibility, honesty and double the vigour to regain the public’s trust,” he said.

He also urged newly elected representatives to focus on public issues and speed up development work. At the same time, Pawar encouraged party workers and candidates who lost the elections to remain committed to public service, underlining that serving citizens should remain the central objective.

Setback in traditional strongholds

The civic poll results have been viewed as a significant setback for Ajit Pawar, particularly in western Maharashtra. Despite choosing to contest independently in several areas—separate from Mahayuti partners BJP and the Eknath Shinde-led Shiv Sena—to demonstrate the strength of his faction, the NCP suffered major losses in Pune and Pimpri-Chinchwad.

Both municipal corporations, long regarded as strongholds of the Pawar family, witnessed a decisive lead and victory for the BJP, leaving Ajit Pawar’s faction trailing in third or fourth position.

In Mumbai and Chhatrapati Sambhajinagar, the party struggled to make an impact, failing to secure even double-digit seats in the Brihanmumbai Municipal Corporation.

Political observers believe the strategy of “friendly contests” against the BJP did not yield the desired outcome. The results indicate that the traditional Pawar support base may have split between Ajit Pawar and his uncle Sharad Pawar’s faction, indirectly benefiting the BJP.

The outcome of the 2026 civic polls is being seen as an important signal ahead of the 2029 Maharashtra Assembly elections, pointing to shifting political equations within the ruling alliance.

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