The officials said that Tausef Reyaz was arrested by the EOW on Saturday night near Pune district of Maharashtra
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The Economic Offense Wing (EOW) of the Mumbai Police on Sunday said that it has arrested the absconding accused and self-proclaimed 'whistleblower', Tausef Reyaz, in connection with the Torres scam.
The officials said that Reyaz was arrested by the EOW on Saturday night near Pune district of Maharashtra.
Reyaz, who was serving as the CEO of Torres, had written to multiple agencies about the fraud just two days before it was exposed.
He will be produced in court of Sunday, the officials said.
Meanwhile, the Enforcement Directorate (ED) conducted raids on Thursday as part of an ongoing investigation into the Torres investment fraud, which is linked to a money laundering case.
The fraud has reportedly duped thousands of investors, with the total amount involved exceeding Rs 57 crore.
According to officials, the federal agency is targeting 10 to 12 locations in Mumbai and Jaipur in Rajasthan. These raids are part of the ED’s investigation following a criminal complaint filed under the Prevention of Money Laundering Act (PMLA), based on an FIR by the Mumbai Police Economic Offences Wing (EOW). The complaint relates to allegations that Torres, a jewellery brand, misled and cheated investors through a Ponzi scheme and multi-level marketing (MLM) tactics.
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