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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

Former IAS officer Divya Mittal enters politics, rules out joining any party

Former IAS officer Divya Mittal has announced her entry into politics in Uttar Pradesh, saying she will not join any political party and will instead work with people.

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Former IAS officer Divya Mittal has announced her entry into politics, saying she will begin her political journey in Uttar Pradesh without joining any political party. Her announcement comes weeks after she resigned from the civil service.

Mittal, a 2013-batch IAS officer, said Uttar Pradesh was her “karmabhoomi” and would be the starting point of her political journey. She described herself as a voice for people whose concerns, according to her, often fail to reach government offices or are not heard when they do.

Divya Mittal’s political entry

In a video message, Mittal said that when people asked what she would do after leaving the IAS, her answer was politics. She said she wanted to become the voice of people and seek greater accountability.

“I will do politics, but not with anyone or any party. But with you all,” she said, adding that she would fight from Uttar Pradesh.

Mittal also appealed to people from different sections, including teachers, farmers, students, doctors, labourers and lawyers, to participate in her effort. She said meaningful political change would require collective public participation.

Issues highlighted by former IAS officer

While explaining the issues she wants to take up, Mittal referred to her administrative experience in Uttar Pradesh.

She recalled an incident from Lahuria Dah, where a woman had approached her seeking a school beyond Class 5. Mittal said she examined the rules and approved the school, but construction had still not begun three years later. She used the example to highlight what she described as a lack of accountability and will in implementing decisions.

Mittal also spoke about infrastructure problems in villages, including roads and bridges, as well as difficulties faced by children and families during the monsoon.

She raised concerns about the future of young people, mentioning examination paper leaks, delays in recruitment processes and the potential impact of artificial intelligence on employment.

Divya Mittal’s IAS career

Mittal resigned from the IAS after nearly 13 years of service, with her resignation accepted in September 2026. She served as District Magistrate in districts including Mirzapur and Deoria and was known for work related to providing piped water to remote villages in Mirzapur.

Her earlier administrative postings also included Sant Kabir Nagar. She had joined the civil services in 2013 after previously working in finance in London.

Her political announcement comes ahead of the Uttar Pradesh Assembly election due in 2027. However, the current report does not specify whether Mittal will contest from a particular constituency or whether she has formed or plans to form a political organisation.

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India News

Delhi Winter Pollution Plan: Construction ban, 50% WFH and more

Delhi’s winter pollution plan includes construction curbs, dust-control measures, 50% work-from-home, higher parking charges and restrictions on certain vehicles.

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Delhi-Pollution

Delhi has put in place a permanent framework of measures aimed at tackling the rise in air pollution during the winter months. The plan covers construction and demolition activities, dust control, office attendance, parking charges, vehicle emissions and open burning.

The framework is designed to come into force automatically each year between November 1 and February 28, rather than requiring separate winter-specific orders.

Construction and demolition restrictions

Dust-generating demolition and outdoor civil construction activities will be prohibited from November 1 to January 31, with exemptions for essential public infrastructure projects.

A stricter phase of restrictions will apply from December 10 to January 20. During this period, construction and demolition activities will face a wider ban, with limited exemptions for urgent government and emergency works.

Indoor finishing, plumbing and electrical work can continue subject to dust-control requirements.

The winter framework also provides for restrictions on the movement of vehicles carrying construction materials such as sand, cement, bricks, stone and construction debris during the stricter period.

Dust-control measures

The government has placed greater emphasis on monitoring dust from construction sites. Large construction sites will be required to use measures such as mist systems for dust suppression.

Commercial buildings meeting specified size and height criteria, including malls, hotels and offices, will also be required to install anti-smog guns or mist systems.

The framework provides for field and drone-based surveillance to identify violations, including open burning.

50% work from home

From November 1 to January 31, government and private offices in Delhi will have to limit physical attendance to 50 per cent, with the remaining employees working from home.

Essential services, including hospitals, fire services, public transport, electricity, water supply and disaster management, are exempt from the work-from-home requirement.

Private offices will also be encouraged to stagger working hours and promote carpooling, ride-sharing and public transport.

Staggered office timings

Government offices will follow different working hours from November 1 to February 28.

Municipal Corporation of Delhi offices will operate from 8:30 am to 5 pm, while Delhi government offices will function from 10 am to 6:30 pm.

The measure is intended to spread commuting across different time periods and reduce peak-hour traffic.

Parking charges to double

Parking charges at authorised parking facilities will be doubled from November 1 to February 28.

Delhi Metro Rail Corporation parking facilities are exempt from the increase.

The measure is intended to discourage private vehicle use and encourage commuters to use public transport.

No PUC, no fuel

The framework also provides for a year-round requirement that vehicles have a valid Pollution Under Control certificate to receive fuel at petrol, diesel and CNG/LPG outlets in Delhi.

PUC details can be checked through physical documents and electronic systems, including vehicle registration databases and automatic number plate recognition systems.

Restrictions on older vehicles

From November 1 to January 31, non-Delhi vehicles that do not meet BS-VI emission standards will be restricted from entering the capital.

CNG and electric vehicles, along with emergency and other essential vehicles, are exempt from the restriction.

Action against open burning

The winter framework also places responsibility on resident welfare associations, housing societies, institutions, contractors and other establishments to prevent open burning on premises under their control.

Violations can lead to action under the Environment (Protection) Act, including environmental compensation, prosecution and measures such as sealing or closure of premises.

The framework will operate alongside the Graded Response Action Plan, which introduces additional restrictions depending on air-quality conditions in Delhi-NCR.

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India News

J&K Kathua Firing: Jawan kills 4 colleagues, including officer

Four personnel, including an officer, were killed after a jawan opened fire on colleagues at a camp in Jammu and Kashmir’s Kathua.

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Four personnel, including an officer, were killed after a jawan opened fire on his colleagues at a camp in Jammu and Kashmir’s Kathua, according to the report.

The incident took place at a security camp in Kathua, where the jawan allegedly opened fire on fellow personnel. Four colleagues were killed in the firing.

An officer was among those killed in the incident. Further details about the circumstances surrounding the firing and the sequence of events are being reported as authorities investigate the incident.

The incident comes after similar cases of personnel opening fire on colleagues at security-force camps have been reported in different parts of the country. However, no conclusion about the reason behind the Kathua firing should be drawn without an official account of the incident.

The focus of the investigation will be on establishing what led to the firing and the circumstances in which the four personnel were killed.

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