Mumbai: Employees of Platinum Hern Pvt Ltd (Torres Jewellery) who fell for the company’s many Ponzi schemes have told police authorities that promoters of the brand sold Moissanite stones, valued at only Rs 500, for Rs 40,000 to thousands of customers.
Details Revealed
The police, in their chargesheet, have stated that they have received details of 14,000 investors who suffered losses totalling Rs 142 crore. The chargesheet includes statements from employees, investors, and customers who were enticed by various schemes launched by Torres.
Employees who invested in Torres claimed that they reinvested their returns, which resulted in significant losses. One employee told officials that Torres initially offered a 6% weekly return on investments. However, during Diwali, it increased the return rate to 7%.
Later, at Christmas, it was increased to 8%. The rate was further increased, eventually reaching 11%. Additionally, the company offered a 20% referral commission on new purchases.
The employees stated that Torres’ management held seminars to attract more investors. During these seminars, they solicited investments, promising returns of 6% per week for 52 weeks. They claimed that for every investment of Rs 1 lakh, they would pay Rs 6,000 per week for 52 weeks.
