Mumbai, Maharashtra (January 26, 2025): Police achieved a major breakthrough in the Torres Jewellers scam involving a financial fraud of ₹1,000 crore. Tausif Riyaz, the CEO of Platinum Hern, the parent company of Torres Jewellers, was arrested on Sunday, January 26. Upon being presented before the court, Riyaz was remanded to police custody till February 3.
Platinum Hern is the parent company of Torres Jewellers, and Riyaz is the CEO of the company. Riyaz had been hiding in Lonavla and was arrested at a hotel by the Economic Offences Wing (EOW) on Sunday.
After his arrest, Riyaz was brought before the court, which ordered his custody till February 3. So far, police have arrested five individuals, including Riyaz, in connection with the scam. A lookout notice had been issued for him before his arrest.
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Police are now searching for other accused individuals involved in the scam. There are a total of 12 accused, and eight of them are still on the run. Seven of the fugitives are from Ukraine, and one is an Indian national. These individuals fled the country before December 30, 2024.
The Enforcement Directorate (ED) has also launched an investigation into the ₹1,000 crore scam. The Mumbai Police’s Economic Offences Wing (EOW) and the ED are investigating the case, which is linked to money laundering and suspicious financial dealings. The ED has conducted raids at 10 locations, including Mumbai and Jaipur, and has gathered evidence.