Mumbai Scam: Vegetable Vendor Duped By Torres Jewellery Of Rs 4 Crore; Details Emerge

A major scam has surfaced in Mumbai involving a jewelry company named Torres, which duped investors by promising to double their money quickly. A significant update reveals that a vegetable vendor from Dadar allegedly invested a staggering Rs 4 crore in Torres, raising questions about how he managed to acquire such a large sum.

Following the exposure of the scam, Torres's shops in Dadar, Navi Mumbai, and Kalyan have been shut down, drawing large crowds of distressed citizens to the locations. A case has been filed against five individuals associated with Torres. The Company had lured investors with the assurance of a weekly return of 10 percent on their deposits. Initially, many investors received their returns, which boosted their trust in the scheme. To further entice them, the company provided a diamond as collateral, which has now been revealed to be fake, valued at merely Rs 500. Investors reportedly contributed amounts ranging from Rs 10 lakh to Rs 50 lakh.

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

How Pradeep Kumar Vaishya Managed 4 crore ?

According to Zee 24tas Marathi channel news Pradeep Kumar Vaishya, a 31-year-old vegetable vendor, invested Rs 4 crore in Torres. Upon realizing he had been defrauded, he filed a complaint at the Shivaji Park Police Station. Vaishya stated that he first learned about Torres while working at his shop, located opposite the company’s showroom. Attracted by their promise of interest returns and a diamond as security, he initially invested Rs 6.7 lakh. Over the course of two to three months, he received consistent returns, which increased his confidence in the scheme.

Encouraged by these initial returns, Vaishya informed his family and friends, borrowed money from them, and even mortgaged his house. This led to a total investment of Rs 4.27 crore. However, his trust was shattered when the scam came to light. he source of Vaishya's Rs 4 crore investment continues to raise suspicions and is under investigation.