Torres Ponzi Scam: CEO Arrested
Tausif Reyaz, CEO of Platinum Hern Pvt Ltd, was arrested on January 26, 2025, near Pune in connection with the Torres Ponzi scheme. Reyaz, who initially claimed to be a whistleblower, is the fifth person to be arrested in the case. The Economic Offences Wing (EOW) of the Mumbai police suspects that Reyaz was involved in the alleged mass fraud, which was carried out by Ukrainian masterminds and targeted thousands of people in Mumbai and surrounding areas.¹
The scam involved promising investors extraordinary returns of up to 300% on their investments in imitation jewelry. The Ukrainian masterminds are suspected to have sent Rs 200 crore abroad, using cryptocurrency to launder the money. The EOW has arrested several others in connection with the case, including the company's general manager, director, store in-charge, and alleged hawala operator.
Reyaz was produced before a court and remanded in police custody until February 3. The investigation is ongoing, with the EOW searching for eight Ukrainians and a Turkish national who are wanted in connection with the case.
#DeepSeekImpact #MicroStrategyAcquiresBTC #USConsumerConfidence
Tausif Reyaz, CEO of Platinum Hern Pvt Ltd, was arrested on January 26, 2025, near Pune in connection with the Torres Ponzi scheme. Reyaz, who initially claimed to be a whistleblower, is the fifth person to be arrested in the case. The Economic Offences Wing (EOW) of the Mumbai police suspects that Reyaz was involved in the alleged mass fraud, which was carried out by Ukrainian masterminds and targeted thousands of people in Mumbai and surrounding areas.¹
The scam involved promising investors extraordinary returns of up to 300% on their investments in imitation jewelry. The Ukrainian masterminds are suspected to have sent Rs 200 crore abroad, using cryptocurrency to launder the money. The EOW has arrested several others in connection with the case, including the company's general manager, director, store in-charge, and alleged hawala operator.
Reyaz was produced before a court and remanded in police custody until February 3. The investigation is ongoing, with the EOW searching for eight Ukrainians and a Turkish national who are wanted in connection with the case.
#DeepSeekImpact #MicroStrategyAcquiresBTC #USConsumerConfidence
