Mumbai: The intricate structure of the Torres scam is becoming clearer as details emerge about its parent company, Platinum Harn Pvt. Ltd., which was registered in January 2023.
The company launched Torres, a jewelry-selling business, in February 2024, attracting lakhs of customers through mouth-level and network marketing strategies.
To become a Torres member, customers were required to buy silver or gold jewelry or Moissanite stones worth amounts starting from ₹5,000 to ₹10,000 or more.
Before completing the purchase, prospective clients were shown a five-minute seminar at Torres showrooms to address doubts and build trust. Post-seminar, customers were given a small silver ring as a gift, along with a ₹2,000 voucher redeemable against future purchases—an enticing bait to keep them invested.
The real hook was the promise of lucrative returns. Customers were told they could earn:
4.2% interest on the value of silver items purchased with cash payments
4% on online payments for silver items
2% interest on gold purchases
Moissanite stone buyers were offered staggered returns of 5%, 7%, 8%, 9%, 10%, and 11%, depending on the period of investment
During Diwali, a special offer increased these rates by 1% for a limited seven-day window, further enticing investors. Till date Around 1600 Victim Investors reached towards EOW and filled up complaint form, Said EOW Official.
This cleverly structured marketing model, coupled with aggressive promotional schemes, drew in thousands, creating a massive network of investments that has now unraveled into one of the largest Ponzi schemes in recent history.
Investigations by Mumbai’s Economic Offences Wing (EOW) continue to expose deeper layers of deception as victims await justice.
