Torres Scam: Non-Bailable Warrant Issued Against Four, Including Three Ukrainian Nationals in ₹177 Crore Money Laundering Case

Mumbai:
In a major development in the ₹177 crore Torres scam, the Special PMLA Court in Mumbai has issued non-bailable warrants (NBW) against four accused, including three Ukrainian nationals and an Indian fugitive, in connection with alleged large-scale money laundering and investor fraud.

The accused have been identified as Sagar Mehta, and Ukrainian citizens Alexander Zapichenko, Olena Stoyan, and Victoria Kovalenko. The Enforcement Directorate (ED) informed the court that Mehta helped collect the laundered funds and fled India on December 28, 2024. Despite multiple summons, he failed to cooperate in the investigation.

His father later informed authorities that Mehta is currently in Dubai. The ED further alleged that Zapichenko and Stoyan were the key masterminds behind the operations of Platinum Hern Pvt. Ltd., the company that marketed itself under the brand ‘Torres Jewellery’ and lured customers with lucrative investment schemes.

According to ED, the accused converted large sums of unaccounted cash into cryptocurrency and reintroduced it as legitimate business investment, thereby committing a grave financial offence.

Taking serious note of the accusations, Special Judge R.B. Rote observed that the alleged crime adversely impacts the socio-economic fabric of society and results in huge financial losses to investors. The court therefore granted ED’s request to issue non-bailable arrest warrants against all four accused.

What Was the Torres Scam?

The Torres Jewellery brand, operated under Platinum Hern Pvt. Ltd., collected large amounts of cash from customers under the pretext of selling diamonds and luxury jewellery. However, instead of using the funds for legitimate business purposes, the money was allegedly diverted abroad through hawala channels and later laundered into cryptocurrency.

The company failed to deliver promised returns, causing severe financial losses to hundreds of investors. ED officials say the scam reflects a wider pattern of cross-border money laundering involving foreign nationals and Indian collaborators.

Court Observations & Next Steps

The Special Court emphasized that economic crimes of such magnitude undermine public trust and damage India’s financial system. ED is expected to seek Interpol assistance to track down the foreign accused and pursue extradition proceedings if required.