Mumbai: In a significant development in the ₹177 crore Torres Jewellers Ponzi scam, the process to bring back a key absconding foreign accused to India has gathered momentum. A special court has cleared the path for the extradition of Ukrainian national Olena Stoian, who has been traced to Moldova. The court approved and authenticated the required documents, allowing them to be handed over for further proceedings.
The case pertains to a large-scale financial fraud in which investors were lured with promises of high returns on investments in precious stones. Investigations revealed that the accused allegedly sold synthetic moissanite stones by passing them off as valuable gems, coupled with false assurances of lucrative returns.
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Earlier, the court had issued non-bailable warrants against Olena Stoian, Indian national Sagar Mehta, and two other Ukrainian nationals—Oleksandr Zapichenko and Viktoria Kovalenko. All four accused have reportedly been absconding for a long period and have failed to cooperate with the investigation.
According to probe findings, Oleksandr Zapichenko and Olena Stoian are believed to be the key architects behind the fraudulent operation. They are accused of mobilising initial capital through illegal channels, routing it under the guise of investments, and subsequently projecting it as legitimate funds. Investigators also found that unaccounted cash was allegedly converted into cryptocurrency and later reintroduced into the system as clean investments.
The role of a firm named Platinum Hern Private Limited has also come under scrutiny. Authorities suspect that the company was used as a vehicle to manage and circulate the funds involved in the scam. Viktoria Kovalenko, identified as the foreign director of the firm, reportedly held near-total ownership and exercised significant control over financial decisions.
As per investigators, nearly ₹177 crore was collected from customers through a showroom in Dadar, Mumbai. To attract investors, the accused allegedly used referral bonuses, misleading schemes, and aggressive promotional campaigns—hallmarks of a typical Ponzi operation.
Indian accused Sagar Mehta is also alleged to have played a role in collecting and transferring the proceeds of the crime. Reports suggest that he fled India in December 2024 and is currently believed to be hiding in Dubai.
In its order, the court described the मामला as a “serious economic offence” with wide-ranging impact on society and investors. It observed that the accused deliberately evaded investigation and failed to appear despite summons, making stringent action necessary.
With the court’s approval now in place, authorities are expected to coordinate with officials in Moldova to move forward with the extradition process. Once brought to India, the accused will be interrogated, and further details related to the scam are likely to emerge.
Experts note that international Ponzi scams involving digital transactions and cryptocurrency often pose significant challenges for investigators. Effective coordination with foreign jurisdictions is crucial in such cases.
For now, enforcement efforts have intensified to secure the arrest and extradition of the key accused. Investors, meanwhile, remain hopeful that concrete steps toward recovery of their funds will follow once the accused are brought back to India.
