Unraveling the Torres Scam: Deception and High Returns

The Torres scam involved fraudulent investment schemes by Platinum Hern Pvt Ltd, offering higher returns and lavish gifts to mislead investors, resulting in a loss of Rs 142 crore. Both Ponzi and multi-level marketing tactics were used, leading to the arrest of seven individuals and affecting numerous victims.

The recent exposé on the Torres scam by the city police reveals a fraudulent operation by Platinum Hern Pvt Ltd. Offering investors a misleadingly attractive deal, the company promised two per cent higher cash returns while avoiding digital transactions, thereby ensuring ease of fund misappropriation.

According to the charge sheet, the firm also enticed investors with gifts ranging from flats and cars to mobile phones and televisions. Misleading offers on moissanite stones positioned them as a more lucrative investment compared to traditional gold and silver jewelry.

The Economic Offences Wing has accused Platinum Hern and seven individuals of deceiving around 14,000 investors out of at least Rs 142 crore. Victims varied from stall owners to businesspeople, underscoring the wide-reaching consequences of this financial fraud.

(With inputs from agencies.)