Tejas Navale
Pune, January 27, 2025: In a major breakthrough in the sensational Torres Company scam that duped investors in Mumbai and Pune out of hundreds of crores, the Economic Offences Wing (EOW) of the Mumbai Police has arrested Mohammad Tausif Riaz, the CEO of Platinum Hern Private Limited. The parent company of Torres is at the center of one of the most intricate fraud cases in recent times. Riaz was apprehended near Pune on Saturday, marking a critical development in the case that left thousands of investors devastated.
Riaz’s arrest is expected to unravel the development behind the scam that shattered the financial security of countless individuals. Intriguingly, Riaz had earlier portrayed himself as a whistleblower, claiming to have exposed the company’s malpractices. However, investigators now suspect this was a deliberate move to divert suspicion from his own role in the fraud.
Known by his alias John Carter, Riaz was taken into custody near Pune and presented before a Mumbai court on Sunday. He has been remanded to police custody until February 3. Originally from Patna, Bihar, Riaz had been living in Virar, Mumbai, for several years and is one of the accused in the scam.
The scam came to light when Riaz submitted a report prepared by Torres’ chartered accountant, Abhishek Gupta, supposedly to expose financial irregularities. However, investigators believe this was a deliberate ploy to mislead authorities while continuing his fraudulent operations.
The Torres Company attracted thousands of investors by promising staggering returns through its showrooms in Mumbai, Navi Mumbai, and nearby areas. Initially offering 4% returns, the company later increased the promise to 6% and, eventually, 11%. However, during the returns of the amount, people found shutters closed of the company.
So far, the EOW has arrested four individuals linked to the scam. These include Tania Zasotova, a citizen of Uzbekistan and the company’s general manager; Sarvesh Ashok Surve, a director of the company; Valentina Ganesh Kumar, the store in-charge; and Alpshe Khara, a suspected hawala operator. In a bid to crack the case further, the police have issued an Interpol notice against eight foreign nationals, reportedly from Ukraine and Turkey, who remain absconding.
