Mumbai, January 26: Tausif Riyaz, CEO of Platinum Hern, the parent company of Torres Jewellers, was arrested on Sunday at a hotel in Lonavala, Maharashtra, in connection with the INR 1,000 crore Torres Jewellery investment fraud. Riyaz’s arrest comes after weeks of investigation into the high-profile financial scam, which has duped over a lakh investors with false promises of lucrative returns.

The Mumbai Police, acting on a tip-off, apprehended Riyaz, who had traveled from Patna and was staying at the hotel. A lookout circular (LOC) had been issued against him prior to his arrest. He was presented before a court and remanded to police custody until February 3 for further interrogation. Riyaz is the fifth person to be arrested in the case, which involves allegations of money laundering and fraudulent multi-level marketing schemes. Torres Ponzi Scam: ED Conducts Searches at Mumbai, Jaipur in Torres Investment Fraud Linked Money Laundering Case.

The scam came to light after a complaint triggered investigations into Torres Jewellery’s schemes, which authorities say operated as a Ponzi and multi-level marketing (MLM) racket. The Enforcement Directorate (ED) conducted raids at 10 locations in Mumbai and Jaipur last week, uncovering crucial evidence related to the case. Torres Ponzi Scam: Mumbai Police Obtains Interpol Blue Corner Notice Against 8 Ukranian, 1 Turkish National in INR 1,000 Crore Fraud Case, Manhunt for CEO Mohammed Tausif Reyaz Intensifies.

The Bombay High Court recently criticised the police for their delayed action, highlighting that eight of the 12 accused, including seven Ukrainians and one Indian, fled the country before December 30, 2024. The court reprimanded the police for “dereliction of duty” and suggested the formation of a Special Investigation Team (SIT) to expedite the probe.

All FIRs related to the case filed across Navi Mumbai, Thane, and Mumbai have now been transferred to the Economic Offenses Wing (EOW) to streamline the investigation. The court has also scheduled a review of the investigation’s progress in eight weeks.

The Torres Jewellery scam, involving fraudulent investment schemes, has caused widespread financial losses, especially in Mumbai and its surrounding areas. Authorities continue to pursue the remaining accused while working to recover funds and bring justice to the victims of this large-scale fraud.

(The above story first appeared on LatestLY on Jan 26, 2025 05:23 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).