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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Porsche car crash case exposed systemic corruption: Pune police commissioner
Pune (PTI): The Porsche car crash case exposed "systemic corruption," but the Pune Police have successfully uncovered the nexus behind the replacement of the accused juvenile's blood samples with those of his mother, Police Commissioner Amitesh Kumar said on Wednesday.
The case made national headlines after the high-end car allegedly driven by the 17-year-old boy in an inebriated state mowed down motorcycle-borne IT professionals Anish Awadhiya and Ashwini Costa in the Kalyani Nagar area on May 19 last year.
"Last year’s Porsche car crash case sparked widespread discussions about Pune’s deteriorating social culture, alleged police corruption, and several other issues. Amid all the criticism, one positive aspect stood out: the case exposed systemic corruption.
"It also demonstrated how the police, working within the same system, managed to uncover the entire nexus behind the replacement of the juvenile’s blood samples with those of his mother," Kumar said while addressing Nasha Mukt Bharat Abhiyan, an initiative aimed at raising awareness against drug addiction, organised at Modern College.
He added that the juvenile has been released since he was a minor.
"However, his mother has remained in jail for over a year, and his father continues to be behind bars. Doctors from Sassoon Hospital and others involved are also still in jail," Kumar said, adding that one mistake by a child, and an attempt by his parents to cover it up, destroyed an entire family.
He said the police will follow up on this case until every guilty person is punished.
Kumar also appealed to students to stay away from intoxicating substances and drugs.
"You are not only endangering your own life but also putting your entire family at risk," he said, urging the youth not to fall prey to harmful addictions.
"Instead, stand strong and act as a force to ensure that drug abuse is curbed in your surroundings. We assure you of full police support," he added.
He further stated that if youth from all colleges unite and decide to end this menace, "the day is not far when not even one gram of drug will be sold in the city".
The investigation into the car crash had revealed that the juvenile's blood samples were replaced with those of his mother.
The roles of Dr Ajay Taware, head of the forensic department, Medical Officer Shreehari Halnor, and a hospital staffer came under scrutiny.
While the mother is currently out on bail, the juvenile’s father, Sassoon Hospital doctors Taware and Halnor, staffer Atul Ghatkamble, two middlemen, Ashpak Makandar and Amar Gaikwad, and others remain in jail for the alleged blood sample swap.
