A Mumbai Sessions Court on Monday (February 3, 2025) sent two accused, arrested in the multi-crore Torres investment fraud, to judicial custody.
Accused Mohammad Tausif Riyaz a.k.a. John Carter, the chief executive officer (CEO) of Platinum Hern, the company behind Torres Jewellers was arrested in the last week of January. The Economic Offences Wing (EOW) of the Mumbai Police arrested him from a hotel in Lonavala in connection with the case.
He was absconding since the financial fraud came to light and a case was registered against him at the Shivaji Park Police Station. Police had also issued a look out circular for him.
The same week the EOW had also arrested a Ukrainian actor Armen Garun Ataian who works in the Indian film industry in Mumbai. Police had said that Mr. Ataian’s name had cropped up after the arrest of Mr. Riyaz who gave statement that the actor had introduced Mr. Riyaz to Ukrainians who are still absconding in the case. The actor was living in Madh along with two Russians who also work in the film industry.
Appearing for the accused, advocates Vivek Tiwari and Trupen Rathod submitted to the court that Mr. Riyaz being one of the whistle-blowers in the case had already written emails raising concerns over the scam to police authorities on January 4, and had cooperated with the police investigation. “He is not a beneficiary of any deposit and not an employee of Torres. He was not involved in day-to-day activities of Torres Jewellery showroom, and he has not promised any cashback to any customer,” the lawyers said.
The email trail of Mr. Riyaz written to numerous authorities, accessed by The Hindu, mentioned, “Torres has evolved its business model into a Ponzi scheme, selling low-quality products at exorbitant prices while promising high returns, cashback, and bonuses. Evidence suggests involvement in money laundering through illegal cash collection and cryptocurrency conversion, with more than ₹200 crores funnelled out of India. Foreign nationals, operating on fake identities, manage various aspects of these scams, and there are strong links to similar fraudulent activities in Ukraine and Turkiye.”
Mr. Riyaz’s email has also said that the company director, Sarvesh Ashok Surve, took numerous steps to reach out to authorities to report the fraudulent activities.
For Mr. Ataian, the advocates argued that the actor is falsely implicated in the case. “His name is not even mentioned in the FIR. He is neither a beneficiary of any amount nor has he accepted any deposit from customers,” they said.
Hearing the argument, an Additional Sessions Court Judge N.P. Mehta observed, “The accused has no complaint of ill treatment at the hands of the police. Perused the remand report along with case papers. Heard both the side. No ground made for extension of Police Custody. Accused be taken in Judicial Custody till February 15.”
The court has kept the matter for further hearing on February 15.
Published - February 03, 2025 10:40 pm IST
