Torres scam: Customers were lured with cars, bikes and iPhones

Torresrsquo lavish gifts high returns and customerfriendly approach lured thousands into investing in a Ponzi scheme midday investigates how the socalled 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 customersrsquo trustmdashonly to later dupe themJanardhan Gawandi investorThe 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 investmentbased luxury jewellery businessThe company conducting a lucky draw for the customersldquoA seminar was conducted in June last year where they claimed we could enter the top management of Torres and live comfortably by getting sharesrdquo said investor Janardhan Gawandi The company also organised lucky draws at its main branch offering luxurious prizes such as iPhones twowheelers cars jewellery and a promised 2BHK flat for its oneyear anniversarySocial media posts of iPhones which would be given away to lucky customersLure of better returnsmidday uncovered how Torres enticed customers Upon approaching the company customers were persuaded to buy moissanite stones as a better investment ldquoIf we wanted silver jewellery they told us to invest in the stone for higher returns They introduced us to their app Torres Club where investment updates and statuses were visiblerdquo Gawandi shared The company also encouraged customers to recruit others by offering an ldquointernshiprdquo and promising higher profits based on the number of referralsDiamond Agent Recruit 300 clients for a foreign trip and a European residency permitThe 5stage pyramidAccording to the company investors had to complete five stages to earn ldquohuge profitsrdquo1 Internship One month to understand the app and recruit clients2 Agent Recruit 50 clients for monthly earnings of R25000 or more3 Junior Agent Recruit 100 clients to qualify for employment in the company4 Senior Agent Recruit 200 clients and three agents to gain a higher profit rate5 Diamond Agent Recruit 300 clients for a foreign trip and a European residency permitSenior Agent Recruit 200 clients and three agents to gain a higher profit rateldquoThey motivated us with promises of better profits During seminars they celebrated new client acquisitions handed out cheques and organised lucky draws with expensive prizesrdquo said GawandiGrand openings shattered trustTo gain customer trust Torres opened branches in Dadar Grant Road Kandivli Mira Road Sanpada and Kalyan with the most recent Kalyan branch inaugurated on December 29Junior Agent Recruit 100 clients to qualify for employment in the companySessions conducted by the company assured customers of a comfortable life if they invested in the Torres Club app The app remains functional with investment statuses and the upcoming lucky draw for a 2BHK flat still displayedAgent Recruit 50 clients for monthly earnings of 25000 or moreHowever the facade has crumbled The company has urged customers to register complaints against CEO Tausif Reyaz and chief analyst Abhishek Gupta A cash prize of Rs 2 lakh has been announced for anyone who helps the police apprehend them