The Mumbai Police’s Economic Offences Wing (EOW) has arrested Tausif Riaz aka John Carter, CEO of Torres in relation to a multi-crore ponzi scam.
Riaz, who had earlier declared himself to be a whistleblower, was produced in court yesterday which sent him to police custody till February 3. Riyaz was taken into custody from Lonavla’s hotel before which he was evading police arrest for many weeks after the scam was highlighted.
What is Torres ponzi scheme scam
The Torres Ponzi scam has left over 1.25 lakh investors with losses amounting to Rs 57 crore. The jewellery brand allegedly used multi-level marketing tactics and false advertisements to lure investors, promising unusually high returns of 2-9% weekly on investments in precious metals and gemstones. The promoters also offered incentives for referring new investors, creating a system that attracted more victims.
Who is Tausif Riaz
Tausif Riaz is the CEO of Platinum Hern, the company behind the controversial Mumbai-based jewerely brand ‘Torres Jewellery’ which is embroiled in allegations of a Rs 1,000-crore fraud, according to reports. Riaz is the fifth person to be arrested in the case.
Riyaz had made claims earlier that he tipped off the Enforcement Directorate (ED) regarding the Torres Ponzi scheme, but he still evaded the agencies. He was, however, arrested due to a tip-off that located him in Lonavala after he travelled from Patna to Mumbai. Before arresting Tausif Riaz, authorities had issued a lookout circular against him.
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Who is Tausif Riaz? CEO arrested in Rs 1000 crore Torres jewellery ponzi scam
