Mumbai: 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.
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. According to officials, more than 3,700 investors have so far approached the Mumbai Police with complaints of being cheated and the fraud amount is over Rs 57 crore.
As part of their investigation, the EOW conducted raids at multiple locations, seizing cash and jewellery worth crores of rupees from the arrested individuals connected to the scheme. Mumbai Police also arrested Sarveh Ashok Surve (30), a resident of Umerkhandi in South Mumbai; Tania alias Tazagul Karaxanovna Xasatova (52), an Uzbek national; and Valentina Ganesh Kumar (44), a Russian national.
According to the official, Surve, an Aadhaar card operator, was named as a director of Platinum Hern Private Limited Company (that floated the brand Torres Jewellery). Tania served as the company's general manager, while Valentina was the store in-charge.
