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Tausif Riyaz Arrested in Multi-Crore Torres Ponzi Scam, Remanded to Police Custody

Tausif Riyaz, CEO of Torres Jewellery and Platinum Hern, has been arrested by Mumbai Police’s Economic Offences Wing (EOW) in connection with a ₹57 crore Ponzi scam. He was caught at a Lonavala hotel after weeks of evading authorities.
 
Tausif Riyaz Arrested in Multi-Crore Torres Ponzi Scam, Remanded to Police Custody

The Torres Ponzi scam surfaced in December 2024, when investors protested at the Torres Vastu Centre in Mumbai after the company defaulted on promised returns. Investors were encouraged to invest in jewellery with promises of high returns, luxury cars, and flats. When these promises were not fulfilled, the fraud was exposed, leading to investigations by the Enforcement Directorate (ED) and police.

Key Losses: ₹57 crore reported so far.
Victims: Over 3,700 investors.
Modus Operandi: Multi-level marketing and deceptive advertising targeting unsuspecting customers.
False Claims: Investors were misled into believing synthetic moissanite stones were comparable to diamonds and sold at inflated prices.

Enforcement Directorate’s Actions

The ED has intensified its investigation, freezing ₹21 crore in bank deposits and conducting raids at 10 locations in Mumbai and Jaipur on January 23. Authorities discovered evidence of money laundering and financial manipulation by Torres Jewellery.

Key tactics used by Torres Jewellery include:

Promises of weekly returns between 2-9% on investments.
A referral system offering bonuses for recruiting new investors.
Conducting unlicensed lucky draws to entice customers with luxury prizes, such as cars and expensive gadgets.

Tausif Riyaz’s Arrest and Role in the Scam

Tausif Riyaz, the fifth individual arrested, was found at a Lonavala hotel after traveling from Patna. He had evaded arrest for weeks, despite a lookout circular (LOC) issued against him. Riyaz claimed to have tipped off the ED about the scam but remains a key suspect due to his leadership role at Platinum Hern and Torres Jewellery.

What’s Next?

Authorities are expanding their investigation to uncover the full scale of the scam. Further arrests are anticipated as investigators continue to trace the network of suspects involved in this multi-crore fraud.


 

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