Mumbai: A significant financial scam involving Torres Jewellers has surfaced, with the Shivaji Park police registering an FIR against the company’s directors and CEO for allegedly defrauding investors of over ₹13.48 crore. The scam has left numerous investors in distress, leading to protests outside the company’s office in Dadar, demanding the return of their principal amounts after the promised investment returns abruptly stopped.
The Shivaji Park police have filed an FIR under Sections 318(4), 316(5), and 61 of the Bharatiya Nyaya Sanhita (BNS), along with Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (MPID) Act, 2023. The accused include Platinum Hern Pvt. Ltd., the company operating the Torres Jewellers brand, its directors Sarvesh Ashok Surve and Victoria Kovalenko, CEO Taufik Riaz, alias John Carter, General Manager Tania Casatova, and Store In-Charge Valentina Kumar.
Although the FIR has been registered, no arrests have been made yet. The case is being transferred to the Economic Offences Wing (EOW) for further investigation.
Investors are now calling for swift action to recover their investments and hold the accused accountable, as the magnitude of the alleged scam continues to unfold.
Timeline of the Fraud
The complainant, Pradeep Kumar Mamraj Vaishya (31), a vegetable vendor residing at Mahatma Phule Nagar, Nariman Point, reported the alleged fraud, which occurred between June 21, 2024, and December 30, 2024.
Platinum Hern Pvt. Ltd. lured investors by promising lucrative returns on investments through the sale of Moissanite stones, offering a weekly return of 6% on invested amounts. Initially, the company delivered returns to gain trust, but all payments, including principal repayments, ceased on December 30, 2024.
At least seven investors, including the complainant, have filed complaints, resulting in the FIR. The accused face charges of breach of trust and misappropriation of funds. Preliminary investigations indicate the company owner is abroad, and authorities are exploring further links, including potential accomplices and the suppliers of fraudulent schememe.
Torres Jewellers’ Counter-Claims
In an unexpected twist, Torres Jewellers released a statement on its official website accusing its CEO, Taufik Riaz, and Chartered Accountant Abhishek Gupta of theft and vandalism. The company claims the duo orchestrated a burglary at one of its jewellery shops
.jpeg)
.jpeg)
0 Comments