Massive Torres Scam Leaves Thousands of Investors in Mumbai Stranded
A large-scale fraud involving well-known jewelry company Torres Jewellery, with stores throughout Mumbai, has shocked the city. After the corporation disregarded its recommended profitable investing strategies demanded returns, investors gathered outside the Dadar offices and other locations. The alleged swindle has left thousands of investors stranded as losses of millions of rupees accumulate.
Investors Demand Action Outside Torres Offices
An angry group of investors was at the Torres Jewellery office in Dadar, wanting their money back. A good return that investors can use as cash is between 5% and 10% a week. The company would still pay the bills until December 2024. Police were on hand to cool the enraged investors. Rumour has it that the company’s proprietor lives overseas currently.
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Fake Cashback Schemes and Bogus Promises
Plans of Torres Jewellery offered significant returns over a year and up to 11% monthly payback on investments. Social media advertising, interactive seminars, and award distribution events drew investors. These offers included a 20% referral bonus and discounts on moissanite stones. Sahil Usmani, one investor, complained: “I deposited ₹2.5 lakh, but the dividends ceased a few months after payments started. Their Mira Road branch was closed when I paid a visit.
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Branches Closed Overnight, Leaving Crores in Losses
Branches of Torres Jewellery closed at Dadar, Mira Road, Kalyan, and Navi Mumbai on January 6. Investors said the management of the company had vanished without leaving any trace. Police inquiries turned out evidence of objectives for the bogus schemes in several Mumbai and adjacent districts.
Though the overall recoverable value is unknown, the Mira Bhayandar-Vasai Virar (MBV) police have frozen some corporate accounts.
Police Action and Allegations Against Executives
Under cases registered by the Shivaji Park police five top executives of Torres Jewellery—including directors Sarvesh Surve and Victoria Kowlenko, CEO Tausif Reyaz (John Carter), general manager Tanya Kastova, and shop in-charge Valentina Kumar—were registered. The accusations cover transgressions under the Maharashtra Protection of Interest of Depositors (MPID) Act and the Bhartiya Nyay Sanhita (BNS) rules.
The inquiry is supposed to be taken over by the Economic Offences Wing (EOW). As said by DCP Ganesh Gawde, “As more complaints are registered, the number of investors misled and the involved sum might rise.” From seven investors alone, the police have thus already noted losses of ₹13.48 crore.
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A Pattern of Fraudulent Practices
The plans were running for almost a year, during which investors got their first payouts, thereby generating a false sense of security. The payments ended by December 30, 2024; all company correspondence halted as well. Torres’s social media post attributed conducting the bogus schemes and fund theft to CEO Tausif Reyaz.
One investor described the operation of the scheme: “We were promised ₹10,000 in monthly profits on investing ₹1 lakh. After the first payments, though, the offices closed and the returns halted.
Investor’s Plea for Justice
Many of the hundreds of investors struggling with financial losses have expressed a basic demand: “We just want our money back; we do not need interest.” The issue is still in flux as victims wait for justice as police probe.
In a big step forward, the Economic Offences Wing (EOW) began investigating the Torres Jewellery fraud case in early June 2025. Authorities confirmed the arrest of director Sarvesh Surve at a hotel in Dubai with the help of Interpol. Extradition procedures are underway. Also, the probe has seized or frozen assets worth over ₹8.7 crore. This includes luxury vehicles, gold inventory, and cryptocurrency wallets. Police have found digital marketing agencies tied to Torres’s investor recruitment. Forensic audits are still in progress. Since May, more than 300 new complaints have been filed. The total fraud now exceeds ₹60 crore.
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