The Torres Scam has erupted and left as many as 1.25 lakh investors in disarray, putting close to Rs 1,000 crore of investor money in jeopardy.
The company had multiple branches in Mumbai’s prime locations, including Dadar. The scam only came to light when a vegetable vendor in southern Mumbai registered a complaint.
Subsequently, investors discovered that the company outlets were shut, with no outlet for any communication.
In this saga, that relayed anxiety across the board, Moissanite, a naturally occurring crystal has been in focus.
Crowds Gather at Torres Building in Dadar West After Fraud Scheme Exposed; Police Deploy Security |
| FPJ/ Vijay Gohil
As per reports, the jewellers with a history of just over 4 year (the company was reportedly founded in 2021) boisterously claimed that they would give astronomical returns on gold, silver, and moissanite purchases. In this Torres laid additional emphasis on moissanite and offered 520 per cent annually. The company was also offering an interest rate of 6-11 per cent on this crystal and persuaded investors to buy the same.
In addition, these victims were also offered a Rs 10,000 discount on a pendant for every Rs 1 lakh invested.
What is Moissanite?
Moissanite is a naturally occurring carborundum. A carborundum is a chemical compound consisting of silicon and carbon. It is a rare mineral and was first discovered by French pharmacist and chemist Ferdinand Frédéric Henri Moissan. The mineral derives its name from the name of the chemist.
Why Moissanite?
The application of this stone comes in as a popular alternative to diamonds, making lab-grown silicon carbide gemstones. Nowadays, synthetic material is used in all silicon carbide applications because natural material is extremely limited.
In addition, without the need for a binding matrix, such as powdered cobalt metal, pure synthetic moissanite can alternatively be produced through thermal decomposition.
As per Caratbazar, a jewellery vending website, a Round Cut Certified Moissanite Diamond D VVS1 is priced at around Rs 4,275.00. In addition, a Radiant Cut Certified Moissanite Diamond D VVS1 is estimated to priced at around Rs 3,300.
