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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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Trinamool Congress to support AAP in Delhi Assembly elections, says Kejriwal

Kejriwal extended his gratitude to Mamata Banerjee, the Chief Minister of West Bengal and leader of the Trinamool Congress, for her support.

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The Trinamool Congress has expressed its backing for the Aam Aadmi Party (AAP) in the upcoming Delhi Assembly elections, as confirmed by AAP convener Arvind Kejriwal on Wednesday.

Kejriwal extended his gratitude to Mamata Banerjee, the Chief Minister of West Bengal and leader of the Trinamool Congress, for her support.

He shared a message on X, saying, “TMC has announced their support for AAP in the Delhi elections. I am personally thankful to Mamata Didi. Thank you, Didi. You have consistently supported and blessed us through both our successes and challenges.”

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HMPV cases in India: Expert issues advisory as virus spreads in several states

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Union Health Ministry confirms 2 HMPV cases in Bengaluru, says no international travel history

India is currently witnessing a rise in cases of Human Metapneumovirus (HMPV), a respiratory virus that has affected 11 people across multiple states. The virus, which has been present globally for years, was identified in 2001 and remains a common cause of respiratory illnesses, particularly in children, the elderly, and individuals with weakened immune systems. Experts are warning that HMPV spreads more rapidly when immunity is weak, urging caution as the country monitors the situation closely.

HMPV cases and spread across India

The recent surge in HMPV cases includes reports from several cities across India. The latest case, a six-month-old baby from Mumbai, was confirmed at Hiranandani Hospital in Powai, bringing the total to 11 cases. The breakdown of cases includes two in Bengaluru, one in Gujarat, two in Chennai, three in Kolkata, and now three in Maharashtra. Health officials have noted that while the virus is not new, its spread appears to be accelerating.

Dr. Randeep Guleria, former director of AIIMS, explained that although HMPV typically causes mild symptoms, it can lead to severe respiratory issues in vulnerable populations such as infants, the elderly, and individuals with pre-existing health conditions. “The virus itself is usually self-limiting, and symptomatic treatment is often sufficient,” he added, advising people to stay hydrated, manage fever, and avoid crowded places to prevent further spread.

No need for alarm, says health authorities

Union Health Minister JP Nadda has reassured the public, stating that there is no cause for panic. “Health experts have clarified that HMPV is not a new virus, and we are closely monitoring the situation,” he said. Additionally, Brajesh Pathak, Deputy Chief Minister of Uttar Pradesh, assured residents that the state government is taking necessary precautions and staying alert to the situation. Authorities in Patna have urged the public to remain calm and adhere to guidelines provided by both the Central and Bihar governments.

No Vaccine for HMPV Yet, But Flu and Covid Vaccines Provide Some Protection

While there is no specific vaccine for HMPV, health experts have indicated that flu shots and the three doses of the Covid-19 vaccine can provide some immunity against the virus. “Although a vaccine for HMPV is still not available, regular flu shots and Covid-19 vaccinations offer some level of protection,” said a health expert.

Understanding the impact of HMPV

HMPV is primarily known for causing respiratory issues, with symptoms similar to RSV (Respiratory Syncytial Virus) and the flu. For most healthy individuals, the virus causes mild illness, but for vulnerable populations, such as infants, elderly individuals, and those with weakened immune systems, it can lead to pneumonia and other severe respiratory conditions. The most common symptoms include fever, nasal congestion, cough, and a runny nose. In severe cases, the virus can lead to breathlessness, rapid breathing, and chest retractions.

Growing concerns over global and regional spread

Globally, the rise in HMPV cases is coinciding with other respiratory health crises. The United Kingdom is currently grappling with a ‘quad-demic’ crisis, with rising cases of flu, norovirus, RSV, and COVID-19. The situation has been further complicated by the growing HMPV cases in China, highlighting the need for effective vaccines and treatments to address such widespread outbreaks.

Measures to prevent HMPV spread

Health authorities recommend several preventive measures to curb the spread of HMPV. Regular hand washing, avoiding close contact with infected individuals, and practicing respiratory hygiene by covering the mouth and nose when coughing or sneezing are essential. Public places should be frequently disinfected, and individuals with symptoms of the virus are advised to stay home to prevent transmission. For those showing more severe symptoms, such as difficulty breathing or persistent fever, seeking medical attention is strongly recommended, especially for high-risk individuals.

Mizoram takes proactive measures

In response to the rise in cases, the Mizoram government has formed a dedicated committee to closely monitor the situation. Health Minister Lalrinpuii led a meeting to discuss the matter, signaling the state’s commitment to staying ahead of the virus’s spread.

HMPV may not be new, but its growing presence in India and its potential to cause severe respiratory issues in vulnerable populations highlight the need for vigilance. Health experts are urging people to take preventive measures seriously and stay informed as the situation develops.

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Anna University assault case: Tamil Nadu CM MK Stalin admits accused to be DMK sympathiser

MK Stalin also clarified that even if the accused had been from DMK, he would have taken action

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Anna University assault case: Tamil Nadu CM MK Stalin admits accused to be DMK sympathiser

Tamil Nadu chief minister MK Stalin today admitted in the state assembly that the accused in the Anna University sexual assault case was a DMK sympathiser.

Nonetheless, CM MK Stalin clarified that he was not a party member. He mentioned that he assures that the one arrested in the Chennai student case is not a member of DMK, but a DMK sympathiser, which they don’t deny.

The Chief Minister also defended the accused’s images with DMK dignitaries. He said that he could have taken pictures with ministers and politicians, and there’s nothing wrong in it. However, he is not a DMK member but a sympathiser, and that is the truth.

MK Stalin also clarified that even if the accused had been from DMK, he would have taken action. He asserted that they did not save the accused, immediately arrested and imprisoned him and charged him under the Goondas Act.

The Chief Minister also admitted to the severity of the issue. He said that the sexual assault case is a very serious issue. He assured that the Tamil Nadu government has no other aim but to ensure that justice is given to the victim in this case.

He further stated that the Tamil Nadu government will ensure the CM chargesheet in this case is filed within 60 days, and there is a speedy trial in a special court to ensure the perpetrator gets the maximum punishment.

The Opposition party AIADMK walked out of the Assembly and staged a protest outside the House after MK Stalin’s speech on the Anna University sexual assault case. Earlier, BJP state chief K Annamalai staged a penance where he whipped himself. 

A 19-year-old Anna University student was sexually assaulted inside the campus. After the crime was reported, the AIADMK and the BJP held the ruling DMK responsible for the rising incidents of crimes against women.

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