Investors gathered at the Torres Jewellery location in Dadar, Mumbai, to inquire about promised returns on their investments after the company experienced difficulties in making payments.
A significant number of investors assembled outside the Torres Jewellery office in Dadar, formally requesting the return of funds as per the terms of the company’s investment schemes.
Investors who had invested heavily in Torres Jewellery schemes faced disappointment when the company failed to make promised installment payments for the past two weeks. This prompted a large group of investors to gather outside the Torres office in Dadar. The Mumbai police arrived at the scene and deployed security personnel to manage the situation. Reportedly, the owner of the company is currently living abroad.
Unfulfilled Promises and Lack of Communication by Torres Jewellery
Investors who had participated in the scheme, which promised a lucrative 10% weekly return on their investments, expressed deep concern and frustration. They claimed that the company had defaulted on payments for the past two weeks and had completely ceased all communication, leaving them in the dark about the status of their investments. This scheme, which has been operating in various parts of Mumbai for the past year, has now left a trail of anxious and worried investors.
Facing mounting pressure from anxious investors, Torres Jewellery finds itself embroiled in a scandal. Investors, who had entrusted their savings to the company’s investment schemes, are now demanding the return of their initial capital. Many investors have publicly stated, “We don’t need interest, just our money back,” highlighting their desperate need to recover their funds.
Torres Jewellery, with a significant presence across Mumbai, operates showrooms in areas such as Grant Road, Navi-Mumbai, Kalyan, and Mira Road. Law enforcement agencies have reportedly initiated investigations into the alleged fraudulent activities of the company’s top executives, following complaints filed by aggrieved investors.
However, in a surprising turn of events, Torres Jewellery has publicly distanced itself from these allegations. In a social media post, the company accused its Chief Executive Officer (CEO), Tausif Reyaz, of orchestrating and executing a fraudulent scheme. The post alleges that Reyaz engaged in systematic misappropriation of company funds over an extended period.
