Mumbai’s Torres Jewellers Scam 2025: How a Vegetable Vendor Uncovered a ₹13.5 Crore Fraud in Dadar
Mumbai’s Torres Jewellers Scam: How a Vegetable Vendor Uncovered a ₹13.5 Crore Fraud in Dadar
The Torres Jewellers fraud has rocked Mumbai, with the company accused of defrauding investors to the tune of ₹13.48 crore. The shocking discovery came when payments promised by the company were abruptly stopped in December 2024, causing alarm among thousands of investors. The complaint, filed by a Nariman Point vegetable vendor, sparked widespread outrage, leading a group of investors to protest outside Torres Jewellers’ Dadar office, demanding their dues. Authorities are now investigating the case, while the company itself claims a theft occurred within its ranks.
The Discovery of the Fraud
The complaint was filed by Pradeep Kumar Mamraj Vaishya, a vegetable vendor, who, along with several other investors, had been lured by the company’s promises of high returns on their investments in precious metals and stones. The company, operating under the name Platinum Haren Private Limited, had promised annual returns ranging from 48% on gold to a massive 520% on moissanite stones. These returns were paid weekly, initially building trust among investors.
However, all payments abruptly stopped on December 30, 2024. It wasn’t just the returns that vanished; the company had also failed to return investors’ principal amounts. The investors discovered the scam when they went to the company’s outlet in Dadar, only to find it shuttered.
Company’s Rise and Sudden Fall
Torres Jewellers, which operated under Platinum Haren Pvt. Ltd., had gained popularity after opening a large outlet in Dadar in 2024. Expanding to areas like Mira-Bhayander, the company gained substantial investments, particularly through its moissanite schemes, which promised weekly returns of 6-11%. With its headquarters listed at the Opera House in Girgaon, the company seemed legitimate until the shocking halt in payments left investors in a state of panic.
The Timeline of the Scam
The fraud reportedly unfolded between June 21, 2024, and December 30, 2024. During this period, Torres Jewellers marketed its investment schemes, especially the high returns on moissanite stones. Initially, the company delivered on its promises, but after December 2024, all payments ceased without explanation. Investors were left without their expected returns and principal amounts. The police have filed charges of misappropriation and breach of trust against the company’s directors and CEO.
Torres Jewellers’ Counter-Claims
In a surprising twist, Torres Jewellers issued a counter-statement accusing its own CEO, Taufik Riaz, and Chartered Accountant, Abhishek Gupta, of stealing valuables and orchestrating a burglary at one of their shops. The company posted CCTV footage on its website, alleging that these individuals were involved in the theft and property damage. Torres Jewellers claims this was part of a larger conspiracy to bring down the company, but the police are still probing the situation.
Investor Panic and Authorities’ Response
While the company’s directors, Imran Javed, Sarvesh Surve, and Olena Styne, remain at large, many investors are now in crisis mode, fearing the loss of their hard-earned money. Authorities are focusing their investigation on possible accomplices, and the Economic Offences Wing (EOW) has been tasked with uncovering the full extent of the scam. Police also suspect that the company’s owner might have fled the country, which could complicate the investigation further.
The Bigger Picture
This fraud highlights the growing number of unregulated financial schemes promising high returns, a trend that has left many investors vulnerable. Torres Jewellers capitalized on this by offering attractive rates and building trust over a short period, only to disappear with large sums of money when the scheme collapsed. Investors are now left to deal with the fallout, as they face the challenge of recovering their funds while the authorities continue their investigation into the scandal.
No arrests have been made as of now, but the investigation is ongoing. Investors are hoping for justice, while Torres Jewellers faces a major crisis that could affect not only its directors but also the larger jewelry and investment sectors in Mumbai.
Also Read:-
