Mumbai police have registered an FIR against Torres Jewellers’ directors and CEO for allegedly defrauding investors of ₹13.48 crore. Operating under Platinum Haren Private Limited, Torres Jewellers promised exorbitant returns on investments in gold, silver, and moissanite stones, with rates as high as 520% annually. However, payments ceased in December 2024, leaving investors in panic.
The company, established in 2023, opened a flagship store in Dadar in 2024 and quickly expanded to locations like Mira-Bhayander. Investors were reportedly encouraged to focus on moissanite purchases, which offered the highest returns—up to 11% weekly. The complainant, Pradeep Kumar Mamraj Vaishya, along with six other investors, alleged that the fraud occurred between June and December 2024, during which Platinum Haren Pvt. Ltd. promised weekly returns of 6% on moissanite investments.
As the scandal unfolded, Torres Jewellers counter-claimed theft by their CEO and Chartered Accountant, further complicating the case. The Economic Offences Wing (EOW) has been tasked with investigating, but no arrests have been made yet.
The scam was first brought to light by a vigilant vegetable vendor in Dadar, whose observations led to the unearthing of fraudulent schemes. The company’s listed directors, Imran Javed, Sarvesh Surve, and Olena Styne, all share an address at Opera House, Girgaon.
This incident highlights the risks of unregulated investment schemes and the critical need for financial transparency in high-value businesses.