Seven Arrested over Torres Scam
February 24, 25
(IDEX Online) - Seven people have been arrested in the Torres Jewellery scam, which is believed to have defrauded investors out of $115m (Rs 1,000 crore).
Police in Mumbai, India, are still chasing nine additional suspects, eight from Ukraine and one from Turkey. Interpol has issued Blue Corner Notices, appealing for information on their whereabouts.
Torres opened six stores across Mumbai in February 2024, luring customers with the offer of a 48 per cent annual return on gold, 96 per cent on silver, and 520 per cent on moissanite.
The stores closed without notice on 6 January 2025 and the latest estimates are that as many as 12,000 investors may have lost money.
The Mumbai police's Economic Offences Wing believe the Ponzi-type fraud scheme was conceived and planned by two Ukrainians, who left India, supposedly for a Christmas break, but never returned.
Among the seven people arrested so far is seven arrested accused so far is Mohammad Tausif Riyaz, alias John Carter, aged 33, CEO of Platinum Hern Pvt Ltd, the company that owned Torres Jewellers.