Ataine was arrested last week by the Economic Offences Wing (EOW) of Mumbai Police from Malvani in Malad, while Riyaz, the CEO of the firm, was apprehended from Lonavala in Pune district. Upon the completion of their remand period, they were presented before Additional Sessions Judge N.P. Mehta, who sent them to judicial custody as no further remand was sought by the investigating agency.
Meanwhile, victims of the fraudulent scheme have approached the court, demanding the issuance of a non-bailable warrant against the absconding accused and a forensic audit to trace the money trail. In a plea filed through advocate Sunny Punamiya, two victims urged the court to ensure a "fair, transparent, and swift" investigation.
Call for Arrest Warrants and Forensic Audit
The petitioners expressed concerns that some of the accused may have fled the country and called for the immediate issuance of arrest warrants.
Another plea, also filed by victims, termed the fraud one of the biggest investment scams of the last decade. They highlighted the "monumental and large-scale financial impact" of the case, which, they argue, affects the broader economy. The petition requested the court to direct a forensic financial audit to track the movement of funds, identify shell companies, and uncover ultimate beneficiaries involved in siphoning investor money.
Both pleas are scheduled for a hearing on February 10.
So far, authorities have arrested six individuals in connection with the case. Mumbai Police has received complaints from 10,848 investors, with the total fraud amounting to over ₹57 crore, officials confirmed.
Ongoing Investigation
With thousands of victims and a significant financial impact, the case has drawn widespread attention. The police continue their probe, with efforts underway to locate the absconding accused and recover siphoned funds.
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