Mumbai Scam: Torres Jewellery Accuses CEO and CA of Theft, Vandalism, and Conspiracy (Watch Video)

In a shocking turn of events, Torres Jewellers has accused its CEO, Taufik Riaz, and Chartered Accountant, Abhishek Gupta, of being involved in a major theft and vandalism incident at one of the company’s jewellery shops. The jewellery chain has gone public with these allegations, releasing a statement on their official website along with CCTV footage that seemingly captures the two individuals in the act. The company claims that the duo orchestrated a well-planned burglary, making off with valuables worth ₹13.48 crore. The CCTV footage, which has been shared on Torres Jewellers' website, shows Riaz and Gupta allegedly stealing precious items and vandalizing the premises. The company has also released images of the accused, which they assert validate their involvement in the crime. According to Torres Jewellers, this incident is not just an isolated event but part of a larger conspiracy. As of now, both the CEO and the CA have not publicly commented on the allegations. 

Thousands of investors were left in the lurch after the jewellery firm suddenly closed down their establishment and made away with crores of rupees by floating bogus cashback schemes on the purchase of moissanite stones and gems, which later turned out to be fake. Torres which boasted of being one of the largest jewellery houses in India was headquartered in Dadar having a chain of grand showrooms housed in rented spaces in areas including- Grant Road, Navi-Mumbai, Kalyan and Mira Road. Some of the establishments were functional till  Sunday (5, January) never opened on Monday. People thronged all the showrooms after learning that they had been scammed. All other branches and the headquarters in Dadar had also reportedly closed down.

Also Read: Mumbai Scam: Owner of Torres Jewelry Flees After Alleged Multi-Million Fraud, Leaving Investors Duped

As per their modus-operandi, the scamsters lured investors by floating a fake scheme envisaging purchase of moissanite stones and gems with an assured 11 percent weekly cashback on the purchase value for the next one year (52 weeks). A person investing Rs.1 lakh was assured Rs.11,000 a weekly cash back for next 52 weeks which translated into a whopping 400 percent profit amounting Rs.5.72 lakh in a year. The amount of money lost by investors could run into crores.  Apart from conducting interactive sessions and giving away expensive prizes, the firm had launched a massive social media campaign to lure potential investors. “The company also offered a 20 percent referral bonus to existing investors. Notably, the firm had posted the video of a prize distribution ceremony on its official Instagram account on Sunday.