Mumbai: A special court on Monday cleared the path for the extradition of a Ukrainian national from Moldova in the Rs 177-crore money laundering case linked to the Torres Jewellers ponzi scheme.Olena Stoian, an absconding accused, was traced to Moldova by Indian authorities. ED moved a plea for affirmation of an affidavit required for the extradition process, which the court allowed. “Application allowed. Extradition documents counter-signed and handed over to the officer of ED,” said special judge R B Rote. The court had earlier issued non-bailable warrants (NBWs) against Stoian, Indian national Sagar Mehta and two other Ukrainian nationals, Oleksandr Zapichenko and Viktoria Kovalenko. Zapichenko and Stoian were identified as the principal designers of financial structuring and money laundering operations, providing initial funds through unlawful channels and enabling the conversion of undocumented cash into apparently legitimate investments. Torres allegedly conducted a fraudulent operation, marketing synthetic moissanite as precious gems with unrealistic return guarantees. Its strategy included misleading advertisements, artificial bonuses and a referral system typical of ponzi schemes. “[It] is a serious economic offence, affecting the socio-economic condition of society… and many investors have suffered loss because of the act of the accused,” the judge had said when issuing the NBWs. The judge had said the accused were involved in a serious non-bailable offence of money laundering and were evading arrest. “Therefore, in the interest of proper and effective investigation and trial into the serious economic offence, it is necessary to issue a non-bailable warrant.” The court earlier issued a process against all four accused and summoned them. However, they did not appear before it. ED had said the accused have been absconding since the commission of the offence and have failed to cooperate with the investigation or respond to summons. Mehta is alleged to have fled India on Dec 28, 2024, and is accused of assisting in collecting the proceeds of crime. He is currently believed to be holed up in Dubai. Zapichenko is described as one of the “key architects” in the laundering operations of the parent company, Platinum Hern Pvt Ltd, involved in providing illicit capital, converting unaccounted cash into cryptocurrency and reintroducing it as a legitimate investment. He allegedly assisted in laundering about Rs 177 crore collected from customers of Torres’s Dadar showroom through false promises. Zapichenko’s departure on the eve of FIR registration was cited as an attempt to evade the law. Kovalenko is Platinum Hern’s foreign director, holding 99.9% shares and exercising full control over the firm’s operations and finances, establishing direct accountability. She is also alleged to have knowingly assisted in laundering the Rs 177 crore.
