Citizens who had invested money in Torres Jewellery gathered outside its office in protest after discovering a major scam. The company's office was found closed, revealing that it had allegedly collected funds from numerous investors by promising a 10% weekly return. A case has now been registered against five individuals associated with Torres Company, including its director and manager.
The company allegedly collected large sums of money by assuring substantial returns. After paying investors a few instalments, the company stopped making payments. As a result, investors staged protests outside Torres Jewellery offices in Dadar, Mira Bhayandar and Navi Mumbai. In Navi Mumbai, the protests escalated to stone-pelting incidents at the company's office.
Protest Outside Torres Company's Office
The Shivaji Park Police Station in Mumbai has registered a case against the five accused. Preliminary investigations suggest that the fraud amounts to Rs 13 crore over the past year, with police estimating that the figure may rise as the investigation progresses.
Also Read | Mumbai Scam: Owner of Torres Jewelry Flees After Alleged Multi-Million Fraud, Leaving Investors Duped.
According to the protesting investors, Torres Company had been promising 10% weekly returns on their investments. The company, which had been operating at multiple locations in Mumbai for the past year, had paid regular instalments to investors until December. However, the payments abruptly stopped two weeks ago, leading to widespread unrest among the investors.