Torres Jewellery Case: Court Clears ED Move to Bring Sagar Mehta From UAE

The process to bring Sagar Paresh Mehta, a key accused in the ₹177-crore Torres Jewellery money laundering case, back to India from the United Arab Emirates has moved forward. A special PMLA court in Mumbai has allowed the Enforcement Directorate to send an extradition proposal for Mehta to the UAE through diplomatic channels. Mehta was arrested in Dubai in August 2026 after remaining on the run for nearly two years.

Proposal for Conducting Cyber Crisis Drill, Tabletop Exercise (TTEx) & CCMP Readiness Exercise

What Did the Court Allow?

Additional Sessions Judge S.V. Sahare allowed the ED’s application seeking permission to submit the extradition proposal to the UAE’s competent authorities. The court observed that the allegations against Mehta involved serious offences and that his presence was required for further proceedings in the case.

According to the ED, its money laundering case was registered on January 9, 2025, against Platinum Hern Pvt Ltd and others. The company operated the Torres Jewellery brand in Mumbai and surrounding areas. The investigation originated from an FIR registered at the APMC police station in Vashi, Navi Mumbai. After the investment scheme allegedly collapsed, separate FIRs were also registered at Shivaji Park, Navghar and Rabodi police stations.

How Did the Investment Scheme Work?

According to the investigating agency, the company allegedly attracted investors by promising weekly returns of 2% to 9% on investments in gold, silver, diamond jewellery and precious gemstones. Investors were also allegedly offered bonuses for bringing in new investors. Seminars, social media promotions and lucky draws offering luxury cars and high-end mobile phones were among the methods allegedly used to attract customers. The ED has alleged that synthetic moissanite stones were marketed as high-value investment products.

The scheme collapsed on January 6, 2025, after promised payments allegedly stopped. Investors gathered outside Torres Jewellery showrooms in Dadar, Mira Road and Navi Mumbai. The Mumbai Police Economic Offences Wing filed a 27,147-page charge sheet in March 2025, naming eight accused and 11 wanted persons. According to the police, 14,157 investors reported losses totalling ₹142.58 crore.

What Is Mehta Accused Of?

In its prosecution complaint filed in May, the ED estimated the proceeds of crime in the case at ₹177.11 crore and named 13 individuals and entities. The agency has alleged that Mehta was involved in handling cash generated through the operation. During proceedings involving alleged hawala operator Alpesh Khara, the ED told the court that employees of Torres Jewellery had stated that cash was handed over to “Sagar Mehta and others” on coded instructions. According to the agency, the money was subsequently routed through hawala channels and converted into USDT cryptocurrency.

A Red Corner Notice had been issued against Mehta through Interpol. The ED informed the court that after his arrest in the UAE, India’s National Central Bureau in New Delhi was notified through Interpol. Mehta was arrested in Dubai in August following action based on the Red Corner Notice. The ED subsequently informed the Mumbai special court about his arrest.

In November 2025, the special PMLA court had issued non-bailable warrants against Mehta and three foreign accused—Oleksandr Zapichenko alias Alex, Olena Stoian and Viktoria Kovalenko. The ED had told the court that the accused were evading the investigation. Stoian was subsequently traced to Moldova, where a separate process for bringing her back to India was initiated.

What Happens Next?

The latest court order allows the extradition process for Mehta to proceed through diplomatic channels. However, permission from the Mumbai court does not amount to a final extradition order. The UAE’s legal and administrative procedures will have to be completed before Mehta can be brought to India. The ED investigation and proceedings against other accused in the case are continuing.