Mumbai: In a big development, the Mumbai Police's Economic Offences Wing (EOW) on Sunday arrested Tausif Riaz, CEO of Torres Company, in connection with the Rs 1000 crore Torres Ponzi scam. Riaz had been absconding since the case surfaced. Notably, he claimed to be a whistleblower saying that he had cracked the case. He had further claimed that it was his information that central agenices worked on to bust the fraud scheme being run by the company Platinum Hern.
Tausif Riaz is said to be from Bihar's Sultanganj. The Economic Offences Wing had also raided places Sultanganj to arrest him and a lookout notice was also issued against him. Apart from this, the police also raided the houses of his relatives in Bhagalpur city and Tausif's ancestral house in Sultanganj.
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Recently, during an investigation, a team of the Economic Offences Investigation Department had seized Rs 5 crore from a flat in Colaba. The company had cheated thousands of investors by promising them precious stones, but had only given them cheap stones worth Rs 300. Not only this, the company had also promised good returns to the investors.
Three people have already been arrested in the case while two foreign nationals are absconding. The accused in the Torres scam are said to have victimised hundreds of investors in Mumbai as well as neighbouring Navi Mumbai and Mira Bhayandar.
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