Shivaji Park police have registered an FIR against Torres Jewellers’ directors and CEO following allegations of defrauding investors of over Rs 13.48 crore. The complaint, filed by a vegetable vendor from Nariman Point, prompted a crowd of investors to gather outside the company’s Dadar office, demanding repayment of their investments after promised returns stopped.
Thousands of investors in the Mira-Bhayander area face potential losses after the Torres Jewellery Company abruptly closed its doors. Investors discovered the closure on Monday when they found the store shuttered.
The company, operating under Platinum Haren Private Limited, registered in 2023. It opened a large outlet in Dadar in 2024 and subsequently expanded to other locations, including Mira-Bhayander. Torres Jewellery promised high returns on gold, silver, and moissanite purchases – 48%, 96%, and 520% annually, respectively, paid weekly. Investors are now panicking because returns have stopped for two weeks.
The company reportedly encouraged investors to focus on moissanite, offering the highest returns – between 8% and 11% weekly. Platinum Haren Private Limited lists its registered office in Girgaon's Opera House building. The listed directors, Imran Javed, Sarvesh Surve, and Olena Styne, all share the company address.
The complainant, Pradeep Kumar Mamraj Vaishya, alleged the fraud occurred between June 21, 2024, and December 30, 2024. Vaishya, along with six other investors, reported that Platinum Hern Pvt. Ltd. offered high returns through investments in Moissanite stones, promising a weekly return of 6% on invested amounts.
Initially, the company delivered returns, building investor trust. However, all payments, including principal amounts, stopped on December 30, 2024. The accused face charges of breach of trust and fund misappropriation. Police revealed that the company’s owner might be abroad, and further investigations are underway to identify accomplices and trace suppliers involved in the fraudulent schemes.
In response, Torres Jewellers issued a statement on its website accusing its CEO, Taufik Riaz, and Chartered Accountant Abhishek Gupta of theft and vandalism. The company claims the two orchestrated a burglary at one of its jewellery shops.
The website features CCTV footage allegedly showing Riaz and Gupta stealing valuables and damaging property. Torres Jewellers described the incident as part of a broader conspiracy, accompanied by images purportedly identifying the individuals involved.
Authorities are continuing their investigations into the allegations and counter-claims. No further updates have been provided by the police or the company at this time.
Torres Jewellery Company Accused of Absconding with Crores of Rupees
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