Duped investors narrate their ordeal

Investors in Torres scheme lost millions, lured by promises of high returns. Many borrowed money, only to find the company shut down unexpectedly.

A tailor who was keen to grow his biz

Janardhan Gawandi, 45-year-old Torres agent who roped in more than 50 people in the investment.

Kafil Usmani, 45, from Mira Road had borrowed money from his mother, brother and wife to invest in the Torres scheme. “A co-worker had invested ₹1 lakh and discussed his returns with me. I earn ₹35,000 a month and invested in the scheme so that I could expand my business and give my family a better life.”

Usmani invested ₹4.51 lakh in December 2024, when Torres announced 11% returns on investments. “Initially, I invested around ₹2.51 lakh and just ten days ago, I invested ₹2 lakh more as I had received ₹75,000 in returns in the last month.”

He said that during a presentation, he was told that the diamonds were lab-made and were worth a lot in the international market. “My dream for a better life is on hold. I have learnt the hard way to stay away from investment schemes like this.”

Banker hooked by bonus promise

Sandeep Upadhyay, 44, who works at a bank, invested in the Torres scheme along with four friends. “We had attended a presentation held by Torres on January 5 and were astonished by the (Mira Road) showroom’s opulent interiors. Also, the people delivering the presentation were so well prepared that even we bankers had no questions,” says Upadhyay. “Instead of calling the payouts ‘profits, they called them a ‘purchase bonus’. This got us hooked. We asked around and people there showed us their G-Pay transactions of the weekly returns they were getting.”

Upadhyay and his friends invested ₹1 lakh each. “I reasoned that even if they were frauds, the jewellery would be worth something. In addition, I assumed, I would get at least my initial payments.”

He was told that a cash investment would earn 1% extra. The store was also offering ₹20,000 upfront to customers who referred to others who invested ₹20,000. “I found the offer lucrative and so I decided to invest.”

A driver who sought a better future for kids

Bhimraj Danve, 53, couldn’t believe the offers displayed in Torres’s large showroom in Kalyan. Every day, he would stop to consider the enticing schemes that promised a 4% return on silver, 2% on gold, and an 11% on moissanite over 15 days. Danve sold all the gold his family had accumulated over the years and invested ₹4 lakh in the scheme—once a fortnight ago and again last Sunday.

A visibly distressed Danve said, “I blindly trusted them, hoping for higher returns to build a better future for my children. I invested in moissanite to earn 11% returns. On Sunday, I was happy after investing all that I had, but on Monday, I learned that the jeweller had closed down and fled with our money. I feel very foolish and helpless. I don’t know what to do now.”

Sisters attended seminars before investing money

Kausar Jahan, 38, and her sister were among the last to invest in the Torres scheme at the Sanpada outlet. She invested after a friend had told her of the handsome returns the store was offering even on the smallest of purchases. A cautious Kausar attended many ‘seminars’ before she took the plunge.

“There were separate counters for every deal and advertisements on a big screen, where they displayed the handsome rewards investors were receiving over and above the profits,” said Kausar. She invested ₹10,500, which she had saved for her household expenses.

At a ‘seminar’, Kausar was told that investments made on December 31, 2024, would receive 11% returns, whereas investments made by January 5 would bring 10%. The margin would keep shrinking till it hit 4%. Kausar and her sister opted for the highest return on investment – the following night, the store shut down.

A family that took loans and mortgaged houses

Neelam Kadam, 32, is a homemaker who collectively invested ₹14 lakh with her sister, brother, and mother in Torres Jewellers’ schemes. “Even then, we initially invested only a small sum and, after receiving regular weekly payouts, from 6% to 12%, we decided to invest ₹14 lakh. Then, we mortgaged our homes, took gold loans and invested ₹50 lakh in total,” said Neelam Kadam. “We thought we could recover the amount in just four months but the company shut after 45 days.”

Breadwinner who broke FD meant for car

Nitesh Yadav, 39, the sole earning member of a family of seven, said Torres got his attention by the sheer size of its Kalyan showroom. “I wondered, every day, how they had managed to open the shop in a month with such lavish decor. When I stepped inside, I was offered expensive chocolates and juice. They told me they weren’t spending on advertisements and would rather use the money to offer customers better returns.”

Yadav said the staff appeared to be very sincere and so he decided to invest by breaking a fixed deposit of ₹3 lakh, which he had saved to buy a vehicle for his family. “I don’t know how I could have fallen for their sweet talk and ended up giving away my money without thinking twice.”

Baited by ‘new Bitcoin’

Shadab Shaikh, 32, was told by a friend three months ago that he had invested in a profitable scheme and needed to use his bank account to receive the returns as there were issues with his own account. “I let my friend use my wife’s bank account and noticed that on an investment of ₹25,000, he had been receiving ₹2,800 every week. That got me interested,” said Shaikh, a scrap dealer. “On December 30, 2024, I invested over ₹2.41 lakh but before I could get my first payout on January 6, the company shut down. Now I have lost my life savings.”

Shaikh said that he and other investors were given a ‘certificate’ that doubled as a receipt, some scanner cards and ‘diamonds’, which were nothing but worthless glass baubles. “We were told that these so-called diamonds were the new ‘Bitcoin’,” added Shaikh.

Referral bonus unpaid

Janardhan Gawandi, 45, did not make any investments but did not receive all the money he was promised for referrals. “We were promised referral ‘bonuses’. After I added 50 people, I started getting ₹25,000 per month. I am now wrestling with my conscience as people whom I had referred have lost their money,” said Gawandi. “I haven’t lost personally but was to get money for adding people. Most of that hasn’t been given,” he said.

Wife who was keen to surprise her husband

Payal Jain (name changed) invested her husband’s Provident Fund earnings without his knowledge. It was meant to be a surprise. “I am afraid to go home and tell him. He worked as a clerk his entire life and recently retired. We had planned to buy a home in a lavish housing society, and I found the Torres offer very attractive.” She invested nearly ₹2.5 lakh in moissanite, which promised weekly interest of 11%. She said she even won a car in a Torres lucky draw. “I blindly trusted everything they said and followed their advice.”

Payal added, “My husband had been saving up for our son’s higher education abroad but now I’ve ruined everything. I am devastated and hopeless.”