A key member of the gang involved in the Torres Ponzi scheme, which defrauded over 14,000 investors of approximately ₹150 crore (around $18 million USD), has been traced to Ukraine and authorities have begun the extradition process. The Mumbai Police's Economic Offences Wing (EOW), working with Ukrainian law enforcement, is seeking to bring the accused, identified as Igor, back to India.
The Torres scheme, operated by Platinum Hern Pvt Ltd, allegedly lured investors with promises of high returns on investments in low-value synthetic moissanite stones, falsely presented as valuable gemstones. The company attracted investors by offering lucrative returns, sometimes as high as 11% per week, along with incentives for recruiting new members, a hallmark of Ponzi schemes. Investors were promised luxurious rewards like cars, flats, and iPhones, further enticing them to invest.
The scheme began to unravel in December 2024 when interest payments ceased and investors discovered the gemstones were fake. It is estimated that the scam involved over ₹1,000 crore (approximately $120 million USD) and affected around 125,000 victims, primarily from lower-middle and lower-income backgrounds.
Igor, the Ukrainian national, is alleged to have been actively involved in the Torres fraud, frequently visiting various branch offices, including the main office in Dadar. He reportedly left India on December 6, 2024, before authorities could take action. Following the surfacing of the fraud and the registration of criminal cases, a Blue Corner Notice (BCN) was issued by Interpol at the request of the Mumbai police EOW. This BCN alerted international law enforcement to locate and monitor Igor's activities.
According to EOW officials, Ukrainian authorities have confirmed that Igor was located in Ukraine in May and has been under surveillance since then. The EOW has completed the necessary documentation and initiated extradition proceedings to bring him back to India. The process involves sending an extradition request, along with translated documents, to Ukrainian authorities via Interpol. Once Ukraine acknowledges the investigation, a team from the Mumbai police will be dispatched to extradite Igor to India.
The investigation has revealed a network of individuals involved in the Torres scam, including both Indian and Ukrainian nationals. Other key individuals identified include Oleksandr Zapichenko (alias Alex), Olena Stoian, Victoria Kovalenko, Tazagul Khasatova (alias Tanya), Alpesh Pravinchandra Khara (alleged hawala operator), Sagar Paresh Mehta, Lallan Jamedar Singh, Tausif Reyaz, and Savesh Ashok Surve. Earlier reports also identified two Ukrainian nationals, Artem and Olena Stoin, as masterminds behind the scheme. In January 2025, another Ukrainian national, Artmen Ataian, was arrested for his involvement in organizing meetings between foreign nationals and Indian accused.
The Mumbai police EOW is also working with foreign governments and international law enforcement agencies to locate and extradite other absconding accused, particularly the Ukrainian masterminds. This involves issuing red notices and coordinating through diplomatic channels, as well as investigating cross-border money laundering operations to recover funds siphoned out of India.
