What is the ₹1,000 crore Torres Ponzi scheme which scammed 3,700? Details here

Tausif Riyaz, the CEO of Platinum Hern, the company behind the controversial Torres Jewellery brand, was arrested by Mumbai Police’s Economic Offences Wing (EOW) on Sunday in connection with a multi-crore Torres Ponzi scam. Riyaz was caught at a hotel in Lonavala after being on the run for several weeks after the scam came to light.

Riyaz, who was the fifth individual to be arrested in the case, was presented before a Mumbai court, which remanded him to police custody until February 3. The arrest comes amid an ongoing investigation into Torres Jewellery’s fraudulent investment scheme, which has left over 3,700 investors with substantial financial losses.