Dubbed an absconder in the cheating case by cops, CEO tells mid-day via his lawyer that he blew the lid off the scam and even alerted the police
Tausif Reyaz, a wanted accused in the Rs 1,000-crore alleged Torres scam and former CEO of the company, claims to be a whistleblower. He asserts he alerted the agencies concerned on January 4, submitting detailed documents and evidence exposing the ongoing fraud as soon as he discovered it.
Following the arrest of three individuals by the Shivaji Park police, an 182-page whistleblower report surfaced, alleging that the fraud was orchestrated by the same people behind the 2019 Ukraine and Russia B2B jewellery scam. The case has now been transferred to the Economic Offences Wing (EOW) of the Mumbai police for further investigation.
The EOW has reportedly taken note of the documents Reyaz claims to have shared with multiple agencies. The police are estimating the scam to be worth R1,000 crore based on the number of investors.
Threat to life
Reyaz, in documents shared with agencies, claimed his life is under threat due to his efforts to expose the case. In a letter sent to the authorities, he alleged that Torres operates a Ponzi scheme under the guise of a jewellery business, involving financial irregularities such as tax evasion, excessive cash expenditures, and potential money laundering. He stated that the scheme mirrors the fraudulent practices of B2B Jewellery (Ukraine) and Cancri Jewellery (Turkey), run by the same individuals....
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