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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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Home Ministry convenes emergency meeting amid rising security concerns after Pahalgam terror attack

After the tragic Pahalgam terror attack, the Home Ministry convened a high-level meeting in Delhi as intense security operations unfold across Jammu and Kashmir.

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Amid heightened security concerns following the deadly Pahalgam terror attack that claimed 26 lives, the Ministry of Home Affairs convened a high-level meeting in New Delhi on Tuesday.

Key officials attending the meeting include Union Home Secretary Govind Mohan, Director Generals of the Border Security Force (BSF), Assam Rifles, and the National Security Guard (NSG), along with senior representatives from the Central Reserve Police Force (CRPF) and the Central Industrial Security Force (CISF).

Meanwhile, extensive counter-terrorism operations are ongoing at multiple locations across Jammu and Kashmir. Sources familiar with the matter noted that, due to the sensitive nature of these operations, no specific updates are currently being disclosed.

In a related development on Monday, the Jammu and Kashmir Police conducted raids at 13 locations in the Doda district, targeting terrorist hideouts and individuals suspected of links to terrorist activities.

Additionally, Srinagar Police carried out a series of extensive searches across the city. These operations focused on the residences of Over Ground Workers (OGWs) and associates linked to banned terrorist outfits, as part of ongoing investigations under the Unlawful Activities (Prevention) Act (UAPA).

According to a police statement, searches were conducted at the homes of 63 individuals. These operations were executed in accordance with legal procedures, under the supervision of Executive Magistrates and independent witnesses, aiming to collect evidence such as weapons, documents, and digital devices to thwart any potential conspiracies threatening national security.

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Family Man 3 actor Rohit Basfore found dead near Guwahati waterfall

Actor Rohit Basfore, part of Family Man 3, was found dead at Garbhanga Waterfalls. Initial police reports cite accidental drowning, but further investigation is ongoing.

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In a tragic turn of events, actor Rohit Basfore, known for his role in the upcoming third season of The Family Man, was found dead near the Garbhanga Waterfalls in Guwahati on Sunday, April 27. The incident has sent shockwaves through the entertainment community and among fans.

According to police reports, Basfore had gone on a picnic with nine colleagues when the mishap occurred. Officials from Rani Police Outpost stated that he allegedly fell into the waterfall around 2 pm. The authorities were alerted by 4 pm, and a rescue operation led by the SDRF team resulted in the recovery of his body at approximately 6.30 pm.

Initial findings suggest that Basfore died by accidental drowning, with the police currently not suspecting foul play. However, the final confirmation on the cause of death will depend on the awaited post-mortem report. Despite the preliminary conclusions, Basfore’s family members have voiced concerns over possible foul play, prompting further investigation into the circumstances surrounding his death.

In recent weeks, Rohit Basfore had shared glimpses from the set of Family Man 3 on his social media, expressing excitement about his experience. He posted photographs alongside co-actors Jaideep Ahlawat and Dalip Tahil, reflecting on his enthusiasm for learning and acting.

The Family Man series, a creation by Raj & DK for a leading OTT platform, stars Manoj Bajpayee in the lead role of Srikant Tiwari. The popular thriller debuted its first season in 2019, followed by a second season in 2021, and has gained a loyal fanbase awaiting its third chapter.

As the investigation continues, friends, fans, and colleagues mourn the untimely loss of a budding talent whose career was just beginning to blossom.

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PM Modi to chair crucial security meeting after Pahalgam attack

PM Modi will chair crucial security and cabinet meetings tomorrow to assess national preparedness after the Pahalgam terror attack that left 26 dead in Jammu and Kashmir.

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PM Modi

In the aftermath of the deadly terror attack in Pahalgam that claimed 26 lives last week, Prime Minister Narendra Modi will lead a series of crucial meetings tomorrow to review India’s security preparedness.

The Cabinet Committee on Security (CCS), the nation’s apex body for national security decisions, is scheduled to convene around 11 am. This will be the second high-level review since the tragic incident in Jammu and Kashmir.

Following the CCS meeting, the Cabinet Committee on Political Affairs (CCPA), chaired by the Prime Minister, will also gather to discuss political and strategic issues. Senior leaders, including Defense Minister Rajnath Singh, Home Minister Amit Shah, Road Transport Minister Nitin Gadkari, Health Minister JP Nadda, and Finance Minister Nirmala Sitharaman, will participate in the deliberations.

Later, the Cabinet’s Economic Affairs Committee will meet, culminating in a full cabinet session.

During the previous CCS meeting, held two days after the attack, the government placed security forces across the country on heightened alert and vowed strict action against those responsible. Measures taken included suspending the Indus Water Treaty with Pakistan, halting SAARC visas, closing the Wagah-Attari border, and downgrading diplomatic ties with Islamabad.

Additionally, Pakistani nationals residing in India were asked to return to their country, with a slight extension given to those holding medical visas until Tuesday. In retaliation, Pakistan announced the suspension of all bilateral agreements with India, including the historic Simla Agreement.

As tensions between the two countries escalate, tomorrow’s meetings are expected to chart the next course of action amid rising security concerns.

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