₹177-Crore Torres Fraud Case: Accused Traced To Moldova, ED Moves Court For Extradition

Mumbai, March 23: Indian agencies have traced Olena Stoian, a Ukrainian national and a prime accused in the Torres jewellery fraud case, to the Republic of Moldova. The Enforcement Directorate (ED) on Monday approached the special PMLA court for the necessary attestation of documents to prepare an extradition dossier for Stoian.

ED probe into Rs 177.11 crore fraud

The ED is probing money laundering to the tune of Rs 177.11 crore, where thousands of investors were allegedly cheated. The agency claimed Stoian, along with Oleksandr Zapichenko, alias Alex, and Viktoria Kovalenko, director of Platinum Hern Pvt Ltd (PHPL), were the key architects of the laundering operations.

In November last year, the ED obtained non-bailable warrants against Stoian, Alex, Kovalenko, and Sagar Mehta, a Mumbai resident alleged to have fled the country.

Court proceedings and investigation details

The special court issued proceedings against these four accused and eight others following a prosecution complaint in early 2025. Investigations revealed that PHPL-Torres Jewelry lured investors into a fraudulent scheme promising exaggerated weekly returns of 2% to 9% on gold and diamond jewellery. The company enticed customers with investment bonuses of 20% for new referrals, creating a chain-like system.

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Fraudulent practices uncovered

According to the ED, showrooms conducted seminars and lucky draws for luxury cars to create an impression of legitimacy. In reality, the company marketed cheap synthetic moissanite stones as high-value diamonds. The agency stated that the proceeds of crime currently stand at Rs 177.11 crore.

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