Torres Jewellery Scam: Police and Tax Authorities Under Fire for Inaction
The Torres Jewellery scam has raised serious concerns over police and tax authorities’ delayed response to a ₹1,000 crore fraud.
Mumbai, India, Torres Jewellery, Ponzi Scheme, Fraud, Investigation
Mumbai: So, there’s this huge mess with the Torres Jewellery scam, right? It’s a whopping ₹1,000 crore Ponzi scheme, and people are really upset. Investors are pointing fingers at the police and tax authorities for not acting quickly enough. They summoned the directors a while back, but nothing much happened after that.
People are asking some tough questions. Why didn’t the authorities do more after those summons? What did they find out? It feels like they just dropped the ball on this one.
From the get-go, Torres’ business model seemed sketchy. While banks offer around 7-8% interest on fixed deposits, Torres was promising crazy weekly returns of 4%. That’s like 200% a year! It’s no wonder folks were skeptical, yet the authorities didn’t jump in right away.
They claimed to be trading in diamonds and offering these insane returns, but it turns out they were using fake documents and all sorts of tricks. Investigators had hints about this early on but just sat on their hands instead of taking action.
Now, with complaints flooding in from investors, it looks like the Economic Offences Wing and the Enforcement Directorate might finally step in. A police source mentioned that they sent a letter in June 2024 to question Torres’ manager, but it’s unclear if that ever happened.