Torres Jewellery Fraud Case: CEO Tausif Riyaz Arrested From Lonavala Hotel

Mumbai: The fraud amount in the Torres scam has now surpassed ₹100 crore, with nearly 7,800 victims filing complaints at the Economic Offences Wing (EOW) office.

In a major development, the EOW arrested Torres Company’s CEO, Tausif Riyaz alias John Carter, for his alleged involvement in the scam. He was apprehended from a hotel in Lonavala on the night of January 25 and later remanded to police custody until February 3.

Police investigations revealed that Tausif Riyaz had traveled to his native place in Bihar before returning to Maharashtra. Just two days before his arrest, he checked into a hotel in Lonavala with a relative.

Despite being the CEO of Torres Company, Tausif was reportedly earning a salary of ₹70,000-₹80,000 per month. Authorities are now probing his financial transactions and potential links to the ₹100 crore scam. The Economic Offences Wing (EOW) continues its investigation, gathering evidence against him and other individuals involved in the fraud.

The scam, which has duped thousands of investors, is under intense investigation. Authorities are tracking the financial transactions and identifying other key suspects involved in the fraudulent scheme. Victims continue to approach law enforcement, seeking justice and the recovery of their funds.