India, Jan. 28 -- Police have made their fifth arrest in the high-profile Torres Jewellery scam, an elaborate scheme run by a group of Indians, Ukrainians, an Uzbek national and a Turkish suspect, who defrauded thousands of small investors in and around Mumbai. Tausif Riyaz, Chief Executive Officer (CEO) of Platinum Hern Private Limited, the holding company of the jewellery chain, was arrested by the Economic Offences Wing (EOW) of the Mumbai Police from Lonalava on January 26.

Riyaz, who also goes by the alias 'John Carter', was arrested from a hotel in Lonavala after being on the run for three weeks. A resident of Virar in Mumbai, Riyaz claims he has been framed and is, in fact, a whistle-blower but police suspect he was a key link who...