Mumbai police arrest Torres CEO in multi-crore investment fraud case
The Hindu
Riyaz, CEO of Torres Jewellery, arrested in Lonavala for multi-crore investment fraud; accomplices also apprehended by Mumbai Police.
The Economic Offences Wing (EOW) of Mumbai Police, which is investigating the multi-crore Torres investment fraud, has arrested the company's Chief Executive Officer (CEO) Tausif Riyaz from Lonavala, officials said.
Riyaz, also known as John Carter, had been absconding since a financial fraud case was registered at the Shivaji Park Police Station. A Look Out Circular had been issued for him, an official stated.
Also read | Torres ponzi case: Enforcement Directorate searches 10-12 locations in Mumbai, Jaipur
Acting on specific information, a team from the EOW arrested Riyaz in Lonavala on Monday afternoon. He was later produced before a court, which remanded him to police custody until February 3, the official added. Meanwhile, a search is underway to locate other absconding suspects.
The jewellery company is accused of defrauding investors of crores of rupees through a combination of Ponzi and multi-level marketing (MLM) schemes.
The alleged fraud came to light when hundreds of investors gathered at the brand’s store in Dadar, prompting the police investigation, the official said.
Given the scale of the fraud, the case was subsequently transferred to the EOW.
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