Mumbai Police Arrest Torres CEO in ₹57 Crore Investment Fraud Over 3,700 Investors Cheated

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Mumbai Police Arrest Torres CEO in ₹57 Crore Investment Fraud Over 3,700 Investors Cheated

Mumbai Police Arrest Torres CEO in ₹57 Crore Investment Fraud Over 3,700 Investors Cheated

Mumbai Police’s Economic Offences Wing (EOW) arrests Torres CEO Tausif Riyaz in a ₹57 crore investment scam. Over 3,700 investors have filed complaints. Read the latest updates on the investigation.

Mumbai Police Arrest Torres CEO in ₹57 Crore Investment Fraud Over 3,700 Investors Cheated

Mumbai: The Economic Offences Wing (EOW) of the Mumbai Police has arrested Tausif Riyaz, the Chief Executive Officer (CEO) of Torres Jewellery, in connection with a massive ₹57 crore investment fraud. Riyaz, who also went by the alias John Carter, was apprehended in Lonavala after evading authorities for months.

The arrest follows numerous complaints from investors who alleged they were defrauded through a Ponzi and multi-level marketing (MLM) scheme operated by the jewellery brand. So far, over 3,700 victims have approached the police, revealing the scale of the scam.

Fraud Scheme and Arrest Details

Authorities had issued a Look Out Circular (LOC) against Riyaz after an FIR was lodged at Shivaji Park Police Station. Acting on a tip-off, an EOW team raided a hideout in Lonavala on Monday afternoon and took him into custody. He was presented in court, which remanded him to police custody until February 3.

The scam surfaced when hundreds of investors stormed the Torres Jewellery store in Dadar, demanding answers after failing to receive promised returns. The company, which positioned itself as a premium jewellery investment brand, allegedly lured investors with false promises of high returns and extravagant incentives.

Ongoing Investigation & Additional Arrests

Given the magnitude of the fraud, the case was escalated to the Economic Offences Wing, which has been conducting extensive raids across multiple locations. Authorities have seized cash and jewellery worth crores of rupees linked to the fraudulent scheme.

Additionally, Mumbai Police have arrested three more key individuals involved in the scam:

  • Sarveh Ashok Surve (30) – A South Mumbai resident and an Aadhaar card operator who was listed as a director of Platinum Hern Private Limited, the company behind Torres Jewellery.
  • Tania alias Tazagul Karaxanovna Xasatova (52) – An Uzbek national who worked as the general manager of the company.
  • Valentina Ganesh Kumar (44) – A Russian national and store in-charge at Torres Jewellery.

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Crackdown on Financial Fraud

Authorities are now tracking down other absconding suspects linked to the scheme. The investigation is expected to uncover more assets and expose additional financial irregularities.

The Mumbai Police have urged investors who were defrauded to come forward and provide evidence as they work towards recovering funds and ensuring justice for the victims.

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