CEO Arrested In Torres Scam Near Pune: Mumbai Police’s Major Breakthrough
CEO Arrested In Torres Scam Near Pune: Mumbai Police's Major Breakthrough
Mumbai: In a significant development in the Torres scam case, which defrauded thousands of citizens in Mumbai and surrounding areas of hundreds of crores, Mumbai Police have arrested the CEO of Platinum Hern Private Limited, the parent company of Torres. Mohammad Tausif Riyaz, also known as John Carter, was apprehended near Pune.
This marks the fifth arrest in the ongoing investigation led by the Economic Offenses Wing (EOW) of Mumbai Police. Initially, Riyaz had claimed to be the whistleblower in the scam, but subsequent investigations revealed his active involvement. Following his arrest on Saturday night, he was presented before a local court on Sunday, which granted police custody until February 3.
Who Is Mohammad Tausif Riyaz?
A resident of Patna, Bihar, Riyaz had been living near Virar in Mumbai for the past few years. He initially attempted to position himself as a whistleblower, using reports prepared by the company’s Chartered Accountant, Abhishek Gupta, to expose alleged financial misconduct. However, investigators suspect this was a ploy to cover up his own involvement in the scam.
The Torres Scam: What Happened?
The Torres scam, which surfaced last month, involved defrauding investors in Mumbai, Navi Mumbai, and nearby areas through the company’s retail showrooms. Promising high returns—starting with 4%, later increasing to 6%, and eventually 11%—the company lured investors into parting with millions. When it came time to deliver the promised returns, all company showrooms were abruptly shuttered, exposing the fraud.
Previous Arrests and Ongoing Investigations
Four others have already been arrested in connection with the scam, including: Tania Zassotova, General Manager and an Uzbek national, Sarvesh Ashok Surve, Director of the company, Valentina Ganesh Kumar, a store in-charge and Alpshay Khara, a suspected hawala operator.
Additionally, eight foreign nationals from Ukraine and Turkey are wanted in the case. Mumbai Police have secured an Interpol notice against them.
Future Action
As investigations progress, police expect to uncover further details about the scam and its perpetrators. The case highlights the importance of vigilance and stringent enforcement to protect investors from fraudulent schemes.
