₹1,000 Crore Torres Jewellery Scam Exposes Ponzi Scheme, 1.25 Lakh Investors Defrauded
Mumbai police and tax authorities face criticism for delayed action as investigations uncover massive fraud involving foreign nationals and synthetic moissanite stones.
- The Torres Jewellery scam, operating under a Ponzi scheme, has defrauded 1.25 lakh investors with promises of exorbitant returns of up to 400% annually.
- Mumbai Police’s Economic Offences Wing (EOW) has arrested three individuals, including two foreign nationals, and seized ₹3 crore in cash and key documents during raids at multiple locations.
- Authorities have frozen over ₹9.5 crore in bank accounts linked to the firm, with more efforts underway to seize additional assets and trace funds.
- Criticism mounts over delayed action by police and tax authorities despite early warnings and suspicious business practices, including fraudulent use of synthetic moissanite stones.
- Key suspects, including the alleged mastermind and foreign nationals, remain at large, with lookout circulars issued as the investigation continues to expand.
Free Press Journal 
Hindustan Times 