Torres Ponzi Scam In Mumbai: Platinum Hern CEO Tausif Riyaz Arrested From Lonavala Hotel
Date
1/26/2025 5:01:10 AM
(MENAFN- Live Mint) Tausif Riyaz, CEO of Platinum Hern, was arrested from a Lonavala hotel on Sunday, January 26, by Mumbai Police's Economic Offences Wing in connection with the multi-crore Torres Ponzi scam. Fifth accused to be apprehended in the Torres Ponzi scam case, Taurif Riyaz was produced before a court in Mumbai which sent him to the Police custody until February 3.
Tausif Riyaz had claimed that he was the one who had informed the Enforcement Directorate (ED) of the alleged Torres Ponzi scam. Police had issued a lookout circular (LOC) against him. He had been on the run since the matter came to light and had travelled from Patna to Mumbai. Police apprehended him based on a tip-off about his location.
The ED on Friday, January 24, said it froze bank deposits worth more than ₹21 crore during recent raids against the promoters of Mumbai-based Torres Jewellery group, accused of duping numerous investors through an investment“fraud”.
The law-enforcement agency had on Thursday, January 23, conducted searched in connection with the Torres investment“fraud” linked money laundering case where a number of investors have been allegedly duped.
The police said that Torres had encouraged people to invest in gold, silver, diamond jewellery , mainly moissanite stones, promising them weekly interest returns. Hundreds protested when they suddenly stopped paying the promised sum to the investors in last week of December. It was then the Torres Ponzi scam came to light.
Early this month, hundreds of investors gathered at the jewellery brand's store situated at Torres Vastu Centre building in Dadar (West) as the company stopped paying sums promised to them.
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