Major Arrest in Mumbai: CEO Nabbed in Torres Ponzi Scheme

The Mumbai Police's Economic Offences Wing has apprehended Tausif Riyaz, CEO of Torres, implicated in a Rs 57 crore fraud. Riyaz, who was on the run, was caught in Lonavala. Several others, including foreign nationals, have been arrested as the investigation seeks to recover defrauded investments.

The Economic Offences Wing (EOW) of the Mumbai Police has made a significant breakthrough in the multi-crore Torres investment scam by arresting the company's Chief Executive Officer, Tausif Riyaz, known by the alias John Carter, in Lonavala, officials revealed.

Riyaz had been absconding since a financial fraud case was filed, leading to a Look Out Circular against him. Acting on precise intel, the EOW team apprehended Riyaz and subsequently brought him before a court, which remanded him to police custody until February 3. Efforts are ongoing to apprehend other fugitives tied to the fraud.

The jewellery brand is accused of siphoning off crores via Ponzi and MLM schemes, affecting thousands of investors. The fraud came to light when numerous investors thronged the Dadar store, triggering a police probe that escalated to the EOW. So far, over 3,700 complaints have been filed, with losses exceeding Rs 57 crore.

(With inputs from agencies.)