Torres Jewelry Mumbai Fraud: The owner flees while the investors gather outside the office.

Torres Jewelry Mumbai Scandal: Owner Absconds as Investors Gather Outside Office

Written by: Supriya Kadu

Edited by: Pinky Deshmukh

Last Updated: January 07, 2025

Summary: Several investors gather around the Torres Jewelry office over unpaid dues.

The Shivaji Park police have filed a formal complaint against the directors and CEO of Torres Jewellers for allegedly cheating investors out of more than ₹13.48 crore in a significant financial scandal. Following the halt of promised investment returns, investors gathered outside the company's Dadar office to demand the return of their principal payments.

The Lokmat Times said that individuals have put lakhs of rupees into scams that promised profits. The plan's installments were first paid out by the corporation. But they failed to do so in the last two months. This forced the investors to gather outside the Dadar Office. After arriving on the scene, the Mumbai police installed protection at the office's entrance.

Under Sections 318(4), 316(5), and 61 of the Bharatiya Nyaya Sanhita (BNS) and Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (MPID) Act, 2023, the Shivaji Park Police have filed a formal complaint.

Platinum Hern Pvt. Ltd., the company that owns 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 are among those accused.

According to police, no arrests have been made yet, and the investigation will be taken over by the Economic Offences Wing (EOW).

By providing a weekly return of 10% on invested amounts, Platinum Hern Pvt. Ltd. attracted investors with the prospect of high returns on investments through the sale of Moissanite stones. To earn trust, the company first provided returns; but, on December 30, 2024, all payments, including principal repayments, stopped.

At the moment, investors are requesting the scheme's principal money. Many of them were saying, “We don't need interest, just the money back.”

In a surprising turn of events, Torres Jewellers accused its CEO, Taufik Riaz, and CA Abhishek Gupta of theft and vandalism in a statement posted on its official website. According to the company, the two planned a break-in at one of its jewelry stores.

The website showcases CCTV footage that allegedly captures the two suspects in the act of stealing valuables and vandalizing the property. Alongside the footage are images of the accused, which the company claims prove their involvement in the theft. Torres Jewellers believes that this incident is part of a bigger conspiracy.