Mumbai: A massive investment scam involving the foreign-based Torres Jewelry company allegedly duped around 1.25 lakh investors. New details have surfaced in the alleged scam. Three days after the alleged fraud surfaced, the police said that its head accountant had alerted cops, reported Hindustan Times.
As per the media report, Abhishek Gupta had filed complaints with several authorities, including the Mumbai Police and the Enforcement Directorate (ED). He alleged fraudulent practices by the firm. The accountant further claimed that despite complaints, no action was taken by the authorities.
Gupta first submitted his complaints on December 30, the police said as reported by Hindustan Times. He also reportedly tried to meet officials to report the alleged fraud. However, the main accused managed to flee before a raid by the Navi Mumbai Police at the jewellery chain's Sanpada store in the city. Gupta approached the Shivaji Park Police Station and also sought police protection on Wednesday after he reportedly received threatening calls.
"Gupta also visited Byculla police station on Tuesday night to report the threat calls.," a police officer told the media house. Meanwhile, the jewellery chain alleged that Gupta and its CEO, Tausif Riyaz, were involved in vandalising and robbing the stores.
The sophisticated fraud known as the Torres Jewellery scam was initiated in February 2024 and targeted a specific economic group. The jewellery chain operated six stores in and around Mumbai.
It allegedly floated schemes that promised incredible returns on jewellery purchases, generous rewards for referrals in a Ponzi scheme, and huge lucky draws that gave away expensive cell phones and cars in an attempt to instil confidence using what turned out to be fake jewellery.
The firm allegedly continued to increase the payout margins on its extravagant investment schemes from 6 per cent to 13 per cent in the run-up to the Christmas and New Year's holiday in 2024.
The company reportedly even introduced new schemes to entice even more investments. Then it suddenly closed. Thus, an estimated 1.25 lakh investors have been defrauded by Torres. The majority of them have very low incomes.
The company is blaming few rogue employees who duped investors for large some of money. On Wednesday, it announced to resume its operations. The announcement in this regard was made by the firm on its ficial Youtube and Instagram channel.
