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
Wanted posters of CEO Tausif Reyaz and chief analyst Abhishek Gupta uploaded on social media by the company announcing a cash prize
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.
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Janardhan Gawandi, investor
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.
The company conducting a lucky draw for the customers
“A seminar was conducted in June last year where they claimed we could enter the top management of Torres and live comfortably by getting shares,” said investor Janardhan Gawandi. The company also organised lucky draws at its main branch, offering luxurious prizes such as iPhones, two-wheelers, cars, jewellery, and a promised 2BHK flat for its one-year anniversary.
Social media posts of iPhones which would be given away to lucky customers
Lure of better returns
mid-day uncovered how Torres enticed customers. Upon approaching the company, customers were persuaded to buy moissanite stones as a better investment. “If 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 visible,” Gawandi shared. The company also encouraged customers to recruit others by offering an “internship” and promising higher profits based on the number of referrals.
Diamond Agent: Recruit 300 clients for a foreign trip and a European residency permit
The 5-stage pyramid
According to the company, investors had to complete five stages to earn “huge profits”:
1. Internship: One month to understand the app and recruit clients.
2. Agent: Recruit 50 clients for monthly earnings of R25,000 or more.
3. Junior Agent: Recruit 100 clients to qualify for employment in the company.
4. Senior Agent: Recruit 200 clients and three agents to gain a higher profit rate.
5. Diamond Agent: Recruit 300 clients for a foreign trip and a European residency permit.
Senior Agent: Recruit 200 clients and three agents to gain a higher profit rate
“They motivated us with promises of better profits. During seminars, they celebrated new client acquisitions, handed out cheques, and organised lucky draws with expensive prizes,” said Gawandi.
Grand openings shattered trust
To 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 29.
Junior Agent: Recruit 100 clients to qualify for employment in the company
Sessions 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 displayed.
Agent: Recruit 50 clients for monthly earnings of '25,000 or more
However, 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.
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