The sophisticated fraud known as the Torres Jewellery scam was initiated in February 2024 and targeted a specific economic group. The business, which operated six stores in and around Mumbai, had no intention of becoming a real jewelry chain.
It floated schemes that promised incredible returns on jewelry purchases, generous rewards for referrals in a Ponzi scheme, and huge lucky draws that gave away expensive cell phones and cars in an attempt to instill confidence using what turned out to be fake jewelry.
Torres continued to increase the payout margins on its extravagant investment schemes from 6 per cent to 13 per cent in the run-up to the Christmas and New Year's holiday in 2024.
The company even introduced new schemes to entice even more investments. Then it suddenly closed. Thus, an estimated 1.25 lakh investors have been defrauded by Torres. The majority of them have very low incomes.
Jewellery store has announced operation resuming
Torres jewellery Company has announced that the company will restart operations and resume paying bonuses after the recent scandal that surfaced after the clients stopped receiving their payouts; the announcement was made from its official Youtube and Instagram channel.
The company is blaming few rogue employees who duped investors for large some of money, but we will start pay out investors payments soon
Rogue employees robbed stores
Investors began receiving messages from Torres after they revolted outside the company's showroom on Monday, alleging that a few rogue employees were responsible for the fraud and the robbery of the company's Sanpada stores.
Additionally, the business sent out forms to harmed investors, instructing them to complete them in order to receive their money back.
Their CCTV footage shows that the robbery was staged. To buy more time to finish up and flee, a fictitious robbery scene was set up.
