Torres Jewellery Scam: Torres Jewellers allegedly defrauded nearly 1.25 lakh investors of multi-crore value. Here is all we know about the scam.
Mumbai Fraud: Torres Jewellers, a prominent jewellery chain, has allegedly defrauded around 1.25 lakh investors of multi-crore amounts through a Ponzi scheme, enticing them with promises of high returns.
How Did the Torres Jewellery Scam Happen?
Launching investment schemes in February 2024, Torres Jewellers offered attractive returns, claiming weekly payouts of 6% on investments in moissanite stones. The company even provided a pendant with a moissanite stone worth ₹10,000 for a ₹1 lakh investment.
Initially designed to attract investors, these schemes promised annual returns of up to 520% on moissanite purchases, leading many to invest significant amounts, lured by the prospect of easy money.
Impact of the Alleged Scam
The scam primarily affected lower middle-class investors, with some losing their life savings. After December 30, 2024, payments ceased, and communication with the company became increasingly difficult.
Arrests and Investigations
Three individuals, including an Uzbek national and a Russian citizen, have been arrested. The alleged masterminds, however, have fled India, prompting the Economic Offenses Wing (EOW) to investigate under the Maharashtra Protection of Depositors Act.
Despite the turmoil, Torres Jewellers claimed through an Instagram post that operations and bonus payments would resume.
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