Torres Jewellery scam: PMLA court issues non-bailable warrant against 4, including 3 Ukrainians

Mumbai, Nov 3 (PTI) A special PMLA court here has issued non-bailable warrant against four persons, including three Ukrainian nationals, in a money laundering case linked to the Rs 177 crore Torres Jewellery scam.

It is a serious economic offence affecting the socio economic condition of the society, RB Rote, special judge for cases under Prevention of Money Laundering Act (PMLA), said in his order of November 1.

There are allegations of money laundering in respect of proceeds of crime amounting to Rs 177 crore and many investors have suffered loss because of the act of the accused, the order stated.

Those behind Platinum Hern Private Limited, which operated under the brand name Torres Jewellery, allegedly cheated customers after collecting cash in lieu of the sale of moissanite (a naturally occurring silicon carbide) diamonds and other jewellery.

Instead of using the said cash for legitimate business purposes, it was routed through hawala operators and later converted into USDT cryptocurrency.

The ED case stems from a First Information Report (FIR) filed in Navi Mumbai.

The federal probe agency, through public prosecutor Sunil Gonsalves, had sought issuance of non-bailable warrant against absconding accused Sagar Mehta as well as Ukrainian nationals Oleksandr Zapichenko, Olena Stoian and Viktoria Kovalenko.

The ED submitted that Mehta allegedly assisted in collecting Proceeds of Crime (POC) and reportedly fled from India on December 28, 2024. Mehta has not cooperated with the investigation or responded to summons, while his father has informed that the accused is in Dubai, as per the ED.

The ED has said Zapichenko and Stoian are key architects in the laundering operations of Platinum Hern Pvt Ltd and are involved in providing illicit capital, converting unaccounted cash into cryptocurrency and reintroducing it as legitimate investment.

Kovalenko is an absconding foreign director of Platinum Hern Private Limited holding 99.95 per cent shares and exercising full control over its operations and finances, the ED said.

Her dominant ownership and decision making role establish direct accountability in the laundering of illicit funds, the ED said, adding the accused have deliberately evaded investigation by absconding.

In its order, the court said, "The accused are involved in a serious non-bailable offence of money laundering and they are evading arrest. Therefore, in the interest of proper, effective investigation and trial into the serious economic offence, it is necessary to issue non-bailable warrant against the accused." PTI AVI BNM