Mumbai investors protest outside Torres Jewellery office over fraudulent schemes and unpaid returns
Mumbai investors protest outside Torres Jewellery in Dadar after promised returns on schemes go unpaid. The company, with multiple outlets, blames its CEO for fraud, while police register complaints against top executives. Investors demand their principal amounts back.

Mumbai Investors Demand Refunds After Torres Jewellery Scheme Collapses
A huge gathering of investors protested outside Torres Jewellery's office in Dadar, Mumbai, on Monday demanding their refunds as they had not been paid the returns on investment schemes. The gathering said the company had not made any disbursements for the last two weeks, hence this protest.
Torres Jewellery, which operates multiple showrooms across Mumbai, including in Grant Road, Navi-Mumbai, Kalyan, and Mira Road, initially honored its scheme’s instalments. However, recent delays and a lack of communication from the company have raised suspicions of fraud.
Promised Returns Left Unpaid
According to investors, in February 2024, Torres Jewellery released a plan promising a 10% weekly return on investment. On investment in the amount of ₹1 lakh, people were offered ₹10,000 off in exchange for purchasing a pendant comprising moissanite stones and promised payout of 6% across the 52-week period.
Investors claim that the company has stopped fulfilling the promises made two weeks ago despite initial payments. Many gathered at the Dadar office expressed frustration, stating they no longer demand interest but simply want their principal investments returned.
Police and Company Response
The Mumbai police have registered complaints against top executives of Torres Jewellery for allegedly cheating investors. Security has been increased at the Dadar office to prevent further unrest.
"Earlier, we learned that they organized a fraudulent scheme and systematically appropriated the company's money," the company stated, distancing itself from Reyaz's actions.
Investor Losses and Legal Action
With the scheme running in almost all the areas of Mumbai for nearly a year, the scale of financial impact is high. Some of the investors, who had invested lakhs of rupees, are demanding their principal amount immediately.
This controversy indicates how Indian authorities are caught in fraudulent investment schemes cases where, allegedly, nothing concrete has been pursued through any organ of the judiciary so far.