Mumbai Police Arrests Torres CEO Tausif Riyaz in Major Investment Fraud Investigation

The Economic Offences Wing (EOW) of Mumbai Police has apprehended Tausif Riyaz, the CEO of a jewellery company involved in a significant investment scam. Riyaz, who also goes by the name John Carter, was captured in Lonavala after being on the run since a fraud case was filed at Shivaji Park Police Station. A Look Out Circular had been issued for his arrest.

Riyaz's arrest followed a tip-off received by the EOW team, leading to his capture on Monday afternoon. He was subsequently presented in court and placed in police custody until February 3. The search continues for other suspects who remain at large. The jewellery firm is accused of deceiving investors through Ponzi and multi-level marketing schemes.

Investment Fraud Uncovered

The fraudulent activities came to light when numerous investors gathered at the company's Dadar store, prompting police intervention. Due to the magnitude of the fraud, the case was transferred to the EOW for further investigation. Officials report that over 3,700 investors have lodged complaints with Mumbai Police, claiming losses exceeding Rs 57 crore.

In their ongoing probe, the EOW has conducted raids at various locations. These operations have resulted in the seizure of cash and jewellery worth crores linked to individuals involved in the scheme. The police have also arrested several people connected to this fraudulent operation.

Arrests and Investigations

Among those detained are Sarveh Ashok Surve, Tania alias Tazagul Karaxanovna Xasatova, and Valentina Ganesh Kumar. Surve, aged 30 and residing in Umerkhandi, South Mumbai, was identified as a director of Platinum Hern Private Limited Company, which launched Torres Jewellery. Tania, an Uzbek national aged 52, served as the general manager, while Valentina, a 44-year-old Russian national, was responsible for managing the store.

The EOW's investigation has revealed that these individuals played significant roles in orchestrating the fraudulent schemes that defrauded investors of substantial sums. As authorities continue their search for additional suspects, efforts are focused on recovering more assets and bringing all involved parties to justice.

The case highlights the need for vigilance among investors and strict regulatory measures to prevent such scams. The ongoing investigation aims to uncover further details about the scheme's operations and ensure accountability for those responsible.