Torres Fraud Case: Special MPID Court Rejects Bail Of 3 Accused, Citing Investor Money Recovery Concerns

Mumbai: In connection with the Torres fraud case, the special MPID court has rejected bail applications of three accused, observing that their release on bail is likely to harm the recovery of money for the investors. The accused are Tazagul Khasatova, Sarvesh Surve and Valentina Kumar.

The court, while rejecting their pleas, observed, “This court at this stage cannot overlook the fact that other co-accused persons are still absconding.”

“There is a real possibility that releasing the applicant on bail at this stage may not only hamper the remaining investigation and trial but may also make it more difficult to recover the amount allegedly misappropriated, thereby hindering the process intended to secure restitution for the investors,” the special court said.

Accused Claim Lack of Involvement in Company Operations

Khasatova, a citizen of Uzbekistan who worked as an interpreter in the Torres showroom, had sought bail, claiming that there was nothing even remotely connecting her to the present crime. Applicant was not a shareholder, director, CEO or any manager of the said company.

There is no material on record directly implicating the applicant in the above-mentioned crime. The entire case is based on assumptions and presumptions, and no documentary evidence connecting the applicant in any capacity.

While Surve had sought bail claiming that, is not the director of the company, as against the claim of the prosecution. It was contended that he had joined as a store salesperson with a salary of Rs 22,000 per month.

Kumar, on the other hand, pleaded that she had no concern with the day-to-day business of the company. She claimed that she was just an employee of the company working as an interpreter and was neither a director nor a promoter of the company M/s Platinum Hern Pvt.

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Prosecution Objects, Cites Huge Investor Losses

The prosecution, however, had objected to the bail pleas claiming that all the accused have cheated 14,728 investors to the extent of Rs 143.98 crore and out of that the property worth of Rs 32.04 crore has been seized, while the remaining amount, as well as the properties, are yet to be traced out.

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