mumbai police arrest Torres jewellery CEO in Rs fifty seven crore fraud case
The mumbai Police's financial Offences Wing (EOW) has arrested Tausif Riyaz, the CEO of Torres jewelry, in reference to over a fifty seven crore investment fraud case.
Riyaz, also known as john Carter, who had been absconding because the case became registered at shivaji Park police Station, became arrested in Lonavala on monday based on specific intelligence. in advance, a look-out circular was issued towards him.
Following his arrest, Riyaz was provided in court docket and remanded to police custody until february three. The officials are actively searching for other suspects involved in the rip-off.
the jewellery company is accused of duping lots of investors through Ponzi and multi-level advertising (mlm) schemes. The fraud surfaced when masses of buyers protested on the business enterprise's Dadar save, leading to a police probe.
The case, related to over three,seven-hundred traders and losses exceeding Rs 57 crore, become transferred to the EOW because of its significance. Raids carried out as part of the investigation have led to the seizure of cash and jewelry worth crores.
The mumbai police has additionally arrested three others related to the rip-off, such as Sarveh ashok Surve, 30, an Aadhaar card operator named as a director of Platinum Hern private constrained (the parent corporation of Torres jewellery), Tania Karaxanovna Xasatova, 52, an Uzbek countrywide who served because the employer's general manager; and Valentina Ganesh Kumar, 44, a Russian country wide who turned into the store in-rate.
The investigation remains underway and the police are searching for others accused inside the case.
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