Mumbai, 26 January (IANS). The Mumbai Police has got a big success in the Torres Ponzi Scam. The Economic Offenses Branch of the Mumbai Police (EOW) has arrested Tausif Riyaz, the absconding accused in the Torres Scam case.
According to the information received, a few days ago, Tausif described himself as a whistle blower and tried to save another person arrested in the case. Tausif Riyaz is also the CEO of the Torres Company and was absconding since the matter came to light.
Tausif Riyaz’s wires are associated with Bihar, especially Sultanganj in Bhagalpur. Recently, the Economic Offenses Branch raided Sultanganj for the arrest of Tausif Riyaz. A lookout notice was also issued against him.
Financial fraud was done through investment Ponzi scheme by opening offices in Mumbai, Navi Mumbai, Kalyan sector in the name of Torres Jewelery. The Financial Crime Branch of the Mumbai Police was investigating the matter.
More than one lakh investors from Mumbai and surrounding have been cheated by more than Rs 1,000 crore by luring them to invest in torres Ponzi investment schemes, promising ‘attractive returns’.
-IANS
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