Torres Jewellery Ponzi scam: Accused Mohammad Tausif Riyaz claims whistleblower status in bail plea
Mumbai: Mohammad Tausif Riyaz, arrested in connection with the Torres Jewellery fraud case, has moved a special court for bail, claiming he acted as a whistleblower. He alleged that law enforcement agencies were aware of the fraud since June last year but failed to take timely action.
Riyaz was taken into custody by the Economic Offences Wing (EOW) on 25 January for his alleged role in the scam. In his bail application, he contended that he had alerted authorities about the fraudulent operations before the scam was publicly reported. He stated that a group of Ukrainian nationals had approached him for assistance in setting up a jewellery business in India, and he had worked as a consultant at the store.
On 4 January, Riyaz reportedly sent emails to multiple agencies, including the Mumbai, Thane, and Navi Mumbai police, as well as SEBI and RBI, raising concerns about Torres. He claimed to have provided evidence that Rs 200 crore in illegal cash was collected, converted into cryptocurrency, and transferred abroad.
He further alleged that Torres had been issued multiple notices in June, October, and November, indicating that authorities had prior knowledge of the wrongdoing. Over 10,000 investors have lodged complaints against Torres, alleging a total fraud of Rs 117.63 crore.
Riyaz is among those arrested based on a complaint filed at Shivaji Park police station by a 31-year-old vegetable vendor. The complainant alleged that he and his family invested Rs 4.55 crore, while 37 others known to him invested Rs 8.93 crore. The company had promised 6% returns on purchases of Moissanite bracelets but allegedly defaulted after initially paying investors to build trust.
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Sujit Nair raises concerns over speculation of DMK-AIADMK understanding to block TVK
Chennai: Journalist and political commentator Sujit Nair has expressed concern over speculation that the Dravida Munnetra Kazhagam and the All India Anna Dravida Munnetra Kazhagam could explore a post-poll understanding to prevent Vijay-led Tamilaga Vettri Kazhagam from forming the government in Tamil Nadu.
In a social media post, Sujit Nair said the election verdict in Tamil Nadu reflected a clear public demand for political change and argued that the mandate should be respected irrespective of political preferences.
Referring to reports and political discussions surrounding a possible understanding between the DMK and AIADMK, he said he hoped such developments remained only speculative conversations and did not turn into reality.
Nair stated that if such an alliance were to take shape, it would raise serious questions about ideological politics in the country. He said TVK had emerged through a democratic electoral process and that the legitimacy to govern in a parliamentary democracy comes from the people’s verdict.
According to him, attempts to prevent an electoral winner from forming the government through unexpected political arrangements may be constitutionally valid, but many people could view them as politically opportunistic.
He further said that such a move could particularly affect the political image of the DMK, which has historically projected itself around ideology, social justice and opposition politics. Nair said that in ideological terms, the DMK appeared closer to TVK than to the AIADMK, and joining hands with its long-time political rival only to remain in power could weaken its broader political narrative.
He added that the same questions would apply to the AIADMK as well, as the party had spent decades positioning itself against the DMK and such an arrangement could create discomfort among its cadre and supporters.
Drawing a comparison with Maharashtra politics in 2019, Nair said he had expressed similar views when the Shiv Sena formed an alliance with the Indian National Congress and the Nationalist Congress Party after the Assembly elections.
He said post-poll alliances between long-standing political rivals often create a public perception that ideology and electoral mandates become secondary when political power equations come into play.
Nair also said such developments increase public cynicism towards politics and reinforce the belief among voters that ideology is often sidelined after elections.
He maintained that the Tamil Nadu verdict was emphatic and said respecting both the spirit and substance of the mandate was important for the credibility of democratic politics.
