The investment scam revolves around Platinum Hern Pvt Ltd, the company behind the Torres jewellery brand, which has been accused of defrauding investors through a Ponzi scheme and multi-level marketing tactics
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The Economic Offences Wing (EOW) has arrested another suspect in Navi Mumbai in connection with the Torres scam case. The accused, 58-year-old Lallan Singh, had been absconding for several days, the police said. He was allegedly involved in converting black money worth Rs 14 crore into white for the Torres jewellery brand through dummy companies. This is seventh arrest in the case.
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The Torres investment scam revolves around Platinum Hern Pvt Ltd, the company behind the Torres jewellery brand, which has been accused of defrauding investors through a Ponzi scheme and multi-level marketing (MLM) tactics.
More than 10,800 investors have lodged complaints with the Mumbai Police, alleging they were duped in the fraud.
The total amount defrauded from the investors is believed to exceed Rs 57 crore, police officers stated.
The company allegedly promised investors lucrative returns on their investments, but instead, it appears to have operated as a Ponzi scheme, using funds from newer investors to pay returns to earlier ones.
A Ukrainian actor, Armen Ataine, was among the arrested individuals in the Torres investment fraud case. He has been found to have possessed a fake birth certificate and falsely claimed to be an Indian national, the Mumbai Police revealed.
The police said they are continuing their efforts to unravel the full extent of the scam and identify any other individuals involved. Authorities are also looking into the possibility of further international connections in the case, given Ataine's foreign nationality.
Torres scam: Customers were lured with cars, bikes and iPhones
Torres’ lavish gifts, high returns, and customer-friendly approach lured thousands into investing in a Ponzi scheme. mid-day investigates how the so-called jewellery brand ensnared unsuspecting customers of the Torres scam. From offering huge returns to gifting iPhones, scooters, cars, and even promising 2BHK flats, the company went all out to win customers’ trust—only to later dupe them.
The jewellery brand Torres opened its branch in Dadar on February 3, 2024, with a grand inauguration at a prime city location. This drew a large crowd, many of whom became loyal customers. Initially projecting itself as a luxury gold, silver, diamond, and moissanite jewellery brand, the company shifted its narrative in June 2024, marketing itself as an investment-based luxury jewellery business.
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