FPJ Explainer: How the Torres Jewellery Scam Unfolded in ₹1,000 Crore Fraud
The Torres Jewellery scam has raised serious questions about investigative lapses in a massive financial fraud case
Mumbai, India, Torres Jewellery, Financial Fraud, Scam, Investors
Mumbai: So, there’s this huge mess with the Torres Jewellery scam that’s got everyone talking. It all kicked off when the police raided a showroom in Dadar, sealing it up after getting a tip-off about a massive financial fraud. Turns out, this scam has ballooned to a whopping ₹1,000 crore!
On January 6, the police swooped in around 1 a.m., thanks to a heads-up from an employee. They found the place buzzing with a meeting, and it looked like the company was about to pull a fast one and shut down. They arrested a few key players, including the General Manager and the Director, who were apparently trying to make a run for it with cash and jewellery.
The main suspects, the founder and another director, have already fled the country. They were on the run before the police could even issue a Look-Out Circular. It’s wild how this all unfolded!
Interestingly, a local vegetable vendor named Pradeep Kumar Vaishya played a crucial role in alerting the police. He had invested a massive ₹4.55 crore, thinking he was making a smart move. The company promised a 6% weekly return, and many people, including vendors, trusted him and invested their hard-earned money.
But then, the payouts stopped in December, and that’s when alarm bells started ringing. Vaishya got a tip-off about the company’s plans to shut down, which led him to file a complaint with the police. This kicked off a wave of complaints from over 1,000 investors who were left in the lurch.
After the FIR was filed, things got chaotic. The police set up a special cell to help victims register their complaints. It’s been a real mess, with people scrambling to get their money back.
As the investigation unfolded, it was revealed that the company had been operating under the radar for a while. There were even reports of fraudulent activity dating back to June, but nothing was done until it was too late. It raises some serious questions about why the authorities didn’t act sooner.
The scam was cleverly designed, using a synthetic diamond-like stone to lure investors in. They promised high returns and even offered referral bonuses, which made it all seem too good to be true. When the payouts stopped, the whole thing collapsed, leaving thousands of people in financial ruin.