A massive financial scam involving Torres Jewellers has allegedly surfaced in India's financial capital Mumbai, leaving thousands of investors anxious and in shock. The Shivaji Park police have filed an FIR against the directors, CEO, and other key personnel of the company for allegedly defrauding investors of over Rs 13.48 crore. Here's how the case unfolded and what we know so far:

What is the allegation against Torres?

The scam revolves around investment schemes floated by Torres Jewellers, operated by Platinum Hern Private Ltd, which offered lucrative returns to investors. The schemes, launched in February 2024, promised investors that tthey would receive a Rs 10,000 discount on a pendant with a moissanite stone for every Rs 1 lakh invested.

The firm also reportedly promised a 6 per cent return on the invested amount, to be paid out over 52 weeks. However, payouts stopped abruptly two weeks ago, prompting investors to demand their money back.

Who are the investors?

The investors include vegetable vendors, small business owners, and professionals, who were lured by the promise of high returns.

Pradeep Kumar Vaishya, a vegetable vendor, lost Rs 7 lakh and claims that around 30 of his relatives and friends collectively lost Rs 4.55 crore.

A stationery store owner from Kurla revealed that his group invested Rs 3 crore, with several individuals promoting the schemes as agents to earn referral bonuses.

Reports suggest that over 1.25 lakh investors could be affected, with the total alleged scam amount potentially exceeding Rs 100 crore.

What legal action has been taken so far?

The Mumbai Police has registered an FIR under Sections 318(4) (cheating), 316(5) (criminal breach of trust), and 61 (criminal conspiracy) of the Bharatiya Nyaya Sanhita, 2023, along with Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (MPID) Act, 2023. 

The FIR names the following individuals:

* Sarvesh Ashok Surve and Victoria Kovalenko (Directors)

* Taufik Riaz alias John Carter (CEO)

* Tania Casatova (General Manager)

* Valentina Kumar (Store In-Charge)

No arrests have been made yet, and authorities suspect some of the accused may have fled the country.

Where have investor complaints come from?

While the primary case is being investigated by the Shivaji Park police, similar complaints have been lodged in other parts of the Mumbai Metropolitan Region (MMR):

Vashi: 43 investors approached the APMC police station regarding losses from a store in Sanpada, Navi Mumbai.

Mira Road: Investors have filed complaints at the local police station.

What does Torres Jewellers have to say?

Torres Jewellers has uploaded a statement on its website blaming its CEO, Taufik Riaz, and other employees for allegedly vandalizing stores and stealing cash and jewellery. The company claims to have CCTV footage showing the accused in action, framing the incident as part of a larger conspiracy.

Authorities, including the Economic Offences Wing (EOW), are investigating the case. The police have stated that the fraud amount could rise significantly as more complaints emerge from the company's five stores in the region.