MUMBAI: Tausif Riyaz, CEO of Platinum Hern, the company that owns Torres Jewellers, has been arrested from a hotel in Lonavala, police said on Sunday.
The police are investigating the multi-crore Torres Jewellery investment fraud.
Riyaz is the fifth person to be taken into custody in connection with the case.
He had traveled from Patna and was staying at the hotel when the police received a tip-off and apprehended him. Riyaz was presented before a court, which remanded him to police custody until February 3.
Earlier, the police had issued a lookout circular (LOC) against him.
Mateen Hafeez, special correspondent at The Times of India in Mum...
Read MoreMateen Hafeez, special correspondent at The Times of India in Mumbai, reports on terrorism, underworld, cybercrime and organized crime syndicates. He also writes about the jails in Maharashtra and focuses on human interest stories. He has covered the Ghatkopar bomb blast, Vile Parle bomb blast, Mulund train blast, train serial blasts in 2006, 26/11 terror attacks and Pune's German Bakery bomb blast. He has a special interest in Urdu fiction written by Ibn-e-Safi.
Read Less