Tausif Riyaz, CEO of Platinum Hern, the company behind Torres Jewellers, was arrested on Sunday at a hotel in Lonavala, Maharashtra, in connection with the ongoing investigation into the Torres Jewellery Rs 1,000 crore investment fraud, reported TOI citing police sources. After his arrest, Riyaz was presented before a court, which remanded him to police custody until February 3.
Riyaz is the fifth individual to be arrested in this high-profile case, which involves allegations of large-scale financial fraud.
The accused, who had traveled from Patna, was staying at the hotel when the police received a tip-off and apprehended him. Prior to his arrest, the police had issued a lookout circular (LOC) to track him down, noted the report.
The fraud investigation, which has attracted widespread attention, began after a complaint was filed by the Mumbai Police, triggering inquiries into suspected money laundering activities connected to Torres Jewellery. The Enforcement Directorate (ED) carried out a series of raids on Thursday, targeting 10 locations across Mumbai and Jaipur as part of its crackdown on the case.
Torres Jewellery, operating under the Torres brand, has been accused of running a multi-faceted scam involving Ponzi schemes and multi-level marketing tactics. As the investigation continues, authorities are focused on tracking down the remaining accused and uncovering the full scope of the financial fraud.
Over Rs 1,000 crore defrauded from investors
Reports suggest that more than a lakh investors from Mumbai and its surrounding areas have been duped of over Rs 1,000 crore. The fraudsters lured investors with promises of “attractive returns” through Torres Jewellery’s investment schemes, which have now been exposed as part of a Ponzi and multi-level marketing (MLM) scheme.
The Bombay High Court recently expressed sharp criticism towards the police’s handling of the case, TOI had earlier reported. The court was informed that eight of the 12 accused, including seven Ukrainians and one Indian, had fled the country before December 30, 2024. Justices Revati Mohite Dere and Neela Gokhale reprimanded the police, accusing them of “dereliction of duty” and failing to act swiftly in addressing the situation.
The bench emphasized the urgency of the matter, calling on the police to act decisively to prevent further financial losses for investors. The court also suggested the formation of a Special Investigation Team (SIT) to expedite the probe. The next hearing for the case is scheduled for eight weeks, during which the court plans to assess the progress of the investigation.
The State had informed the court that all FIRs related to the Torres Jewellery fraud, filed in Navi Mumbai, Thane, and Mumbai, will be transferred to the Economic Offenses Wing (EOW) for a consolidated investigation. This move aimed to streamline the investigation process and improve coordination among law enforcement agencies.
