Torres Jewellery Scam: CEO Tausif Riyaz arrested in Rs 1,000 crore fraud, sent to police custody till Feb 3
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.
Budget with ET
Budget 2025: A CFO’s playbook for operational excellence and long-term growth
Rising Bharat may need to take center stage for India’s game-changing plans
Will Indian Railways accelerate to global standards with govt’s budgetary allocation?
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
