Torres Jewellery CEO Arrested in Rs 57 Crore Investment Fraud Case in Mumbai

Mumbai, 28th January 2025: The Economic Offences Wing (EOW) of Mumbai Police has arrested Tausif Riyaz, CEO of Torres Jewellery, in connection with an investment fraud exceeding ₹57 crore. Riyaz, also known as John Carter, had been on the run since the case was registered at Shivaji Park Police Station. Acting on specific intelligence, he was apprehended in Lonavala on Monday. A look-out circular had previously been issued against him.

Following his arrest, Riyaz was presented in court and remanded to police custody until 3rd February. Authorities are continuing their efforts to trace other individuals involved in the scam.

The jewellery company is alleged to have defrauded thousands of investors through Ponzi and multi-level marketing (MLM) schemes. The fraud came to light after hundreds of investors protested at the company’s Dadar store, prompting a police investigation.

The case involves over 3,700 investors and losses exceeding ₹57 crore. Due to its scale, the investigation was handed over to the EOW. Raids conducted during the probe have led to the seizure of cash and jewellery worth crores.

Three other individuals connected to the scam have also been arrested. They include Sarveh Ashok Surve, 30, an Aadhaar card operator listed as a director of Platinum Hern Private Limited (Torres Jewellery’s parent company); Tania Karaxanovna Xasatova, 52, an Uzbek national and the company’s general manager; and Valentina Ganesh Kumar, 44, a Russian national who managed the store.

The investigation is ongoing, and efforts are underway to track down other accused persons linked to the fraud.