Investors protest outside Torres Jewellery in Mumbai over unpaid returns from fraudulent investment schemes, with the company blaming its CEO for the scam.

5 Key Reasons Torres Jewellery Scam Led to Investor Protest in Mumbai – Unpaid Returns and Fraud Allegations

A significant number of investors gathered outside the Torres Jewellery office in Dadar, Mumbai, after the company failed to deliver on the promised returns for its investment schemes. The crowd expressed their frustration and disappointment, demanding refunds for their investments, some of which had been made months ago. This situation has sparked considerable attention as it exposes the challenges faced by investors who have fallen victim to fraudulent investment schemes.

Background of the Torres Jewellery Investment Scheme

Torres Jewellery, a well-known name in Mumbai, has showrooms across the city, including areas like Grant Road, Navi Mumbai, Kalyan, and Mira Road. The company offered investment schemes with the promise of high returns. Investors were initially enticed by the attractive offer of weekly returns, which they were assured of receiving after putting their money into the scheme. However, the promises of financial growth were soon broken, leading to a mounting crisis.

The company had assured investors a return of 10% on their investments every week. Initially, they honored these returns, but for the past two weeks, no payments have been disbursed. This sudden halt in payouts left investors questioning the company’s integrity and motives. The lack of communication from Torres Jewellery further fueled frustration among the investors, many of whom had invested significant amounts of money, some even running into lakhs of rupees.

The Investor Protest

The unrest culminated in a dramatic scene outside the Torres Jewellery office in Dadar, where dozens of investors gathered, demanding their money back. The protestors, who were predominantly middle-class individuals, voiced their concerns loudly, with many stating that they did not even want the promised returns anymore—just the return of their principal amount.

“All we want is our money back. We don’t care about the interest anymore,” said one of the investors during the protest. Many others echoed this sentiment, indicating just how widespread the dissatisfaction was among the investor community.

As tensions grew outside the office, the Mumbai police arrived at the scene and were tasked with maintaining order. Security was deployed at the entrance of the office to prevent any escalation of the situation. The investors’ frustration was palpable, and the authorities were forced to act swiftly to manage the crowd.

Allegations of Fraud and CEO’s Involvement

The situation became even more complex when Torres Jewellery released a social media post blaming its Chief Executive Officer (CEO), Tausif Reyaz, for orchestrating the fraudulent investment scheme. The post revealed that the company had learned of Reyaz’s actions in running a scheme that not only misled investors but also systematically siphoned off the company’s funds over several months.

The company accused Reyaz of mismanaging funds and running the investment scheme as a fraudulent operation. This revelation added another layer of confusion, as investors now wondered if the company itself was complicit in the deception or if they had fallen victim to an internal scandal.

The scheme, which promised a 6% return on investments annually, began in February 2024, with a completion date set for this February. Investors were promised not only weekly payouts but also discounts on jewellery purchases, including a ₹10,000 discount on a pendant with a moissanite stone for every ₹1 lakh invested.

However, the recent halt in payments has raised serious questions about the viability of the scheme and the legitimacy of Torres Jewellery’s operations. Many investors are left wondering if the company’s previous success was simply a cover for its fraudulent activities.

Investors Demand Immediate Refunds

As the protest unfolded, it became clear that the investors were not willing to wait any longer. They demanded immediate refunds, with many declaring that they had no intention of continuing with the scheme. For them, the promise of easy returns had turned into a nightmare, and they wanted their money back as soon as possible.

The Torres Jewellery scandal has highlighted the risks that investors face when engaging in schemes that sound too good to be true. It serves as a reminder of the importance of exercising caution when investing, especially in high-return schemes. The lack of transparency and communication from Torres Jewellery has left many investors feeling betrayed and helpless, and they are now looking for justice and accountability.

The Legal Battle Ahead

As of now, the police have registered complaints against the company’s top executives for allegedly deceiving investors. Investors are hopeful that they will be able to recover their money, but they may have to wait for the legal process to unfold. It is unclear how the case will proceed, but with the attention it has garnered, there is likely to be a significant push for accountability.

Investors continue to watch closely, hoping that the authorities will act swiftly and bring those responsible for this scandal to justice. In the meantime, the future of Torres Jewellery and its investment schemes remains uncertain, and the damage done to the company’s reputation could have long-lasting effects.

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