Mumbai Police's Economic Offences Wing (EOW) has arrested Torres Company CEO Tausif Riaz, alias John Carter, from Lonavala in connection with a massive financial fraud, case registered at Shivaji Park police station.

According to the police, Tausif Riaz had been absconding since the case was registered. Following a detailed investigation and specific intelligence, the EOW team apprehended him on Monday afternoon. He will be produced in court and has been remanded to police custody till February 3. Another accused in the case is still at large, and efforts are underway to trace and arrest them.

The police revealed that Tausif Riaz is accused of defrauding over 3,700 individuals, many of whom were lured into fraudulent schemes involving investments in jewellery companies and multi-level marketing ventures. The total amount of the scam is estimated to exceed ₹57 crore.

During the course of the investigation, the EOW conducted multiple raids at various locations, recovering cash worth crores and jewellery linked to the fraudulent activities. The authorities are continuing their efforts to gather further evidence and track down all individuals involved in the scam.

This case highlights the growing threat of financial fraud targeting unsuspecting investors and the proactive measures being taken by law enforcement agencies to bring the perpetrators to justice.