The fashion world is reeling from the latest development in the Torres Jewellery ₹1,000 crore investment fraud case. Tausif Riyaz, CEO of Platinum Hern, the company behind the beleaguered jewellery brand, was taken into custody on Sunday at a Lonavala hotel. This arrest marks the fifth in the ongoing investigation that has captivated national attention. Riyaz’s apprehension follows a tip-off received by authorities, who had previously issued a lookout circular to locate him. He was presented before a court and will remain in police custody until February 3.
The investigation, triggered by a Mumbai police complaint, has widened to encompass suspected money laundering, prompting raids by the Enforcement Directorate across Mumbai and Jaipur. Torres Jewellery, known for its eponymous brand, stands accused of orchestrating a complex scheme involving Ponzi and multi-level marketing tactics, allegedly defrauding over a lakh investors from Mumbai and surrounding areas. The promised “attractive returns” have proven illusory, leaving investors with significant losses.
The Bombay High Court has expressed strong disapproval of the police’s handling of the case, particularly the flight of several accused individuals, including foreign nationals, prior to decisive action. The court has urged swift measures to prevent further financial harm and suggested the formation of a Special Investigation Team.
All related FIRs have been consolidated under the Economic Offenses Wing for a more streamlined investigation. The case’s next hearing is scheduled in eight weeks, where the court will review the investigation’s progress. The fashion industry watches closely as the details of this intricate fraud unfold, with implications reaching far beyond the immediate victims.
