Mumbai Police Cracks Down on Torres Scam: CEO Arrested in Major Breakthrough From Near Pune
Pune :
In a significant development in the Torres Company scam, which duped citizens of Mumbai and Pune out of hundreds of crores, the Mumbai Police have apprehended Mohammad Tausif Riaz, the CEO of Platinum Hern Private Limited, the parent company of Torres. The arrest was carried out by the Economic Offences Wing (EOW) near Pune, unravelling one of the most elaborate frauds in recent times.
Riaz’s detention is expected to shed light on the scam that left countless investors devastated. Interestingly, Riaz had earlier claimed to be a whistleblower in the case.
Riaz, also known as John Carter, was arrested on Saturday night near Pune. The Indian Express confirmed the news through EOW officials, who later presented Riaz in a Mumbai court on Sunday. He has been remanded to police custody until February 3.
Originally hailing from Patna, Bihar, Riaz had been residing in Virar, Mumbai, for several years. Despite initially portraying himself as the whistleblower, suspicions about his involvement prompted a thorough investigation by the police.
The Torres scam came to light when Riaz reportedly used a report prepared by the company’s chartered accountant, Abhishek Gupta, to expose alleged malpractices. Investigators now believe this was a calculated move by Riaz to divert attention from his own role in the fraud.
According to police, the Torres Company swindled thousands of investors through its showrooms in Mumbai, Navi Mumbai, and surrounding areas. The company lured people with promises of lucrative returns—first 4%, then 6%, and finally an astounding 11%. Investors put in their savings, only to find the company’s showrooms shuttered when it was time to deliver the promised returns.
So far, the EOW has arrested four individuals in connection with the scam, including Tania Zasotova, a citizen of Uzbekistan and the company’s general manager; director Sarvesh Ashok Surve; store in-charge Valentina Ganesh Kumar; and suspected hawala operator Alpshe Khara. The police have also issued an Interpol notice against eight foreign nationals, believed to be from Ukraine and Turkey, who remain at large.
