Torres fraud case | Bail pleas of three held in January rejected

Court observes 11 accused still absconding

October 15, 2025 09:53 PM IST

3 min read

Assets including property worth Rs 32.04 crore had been seized. (file photo)

Observing that 11 accused were yet to be arrested and the investigation was at a crucial stage, a special court rejected bail applications of three individuals linked to Platinum Hern Pvt Ltd, which runs the Torres jewellery brand in the “fraud” case.

Bail applications of Tazagul Khasatova, an Uzbeki national, Valentina Ganesh Kumar and Sarvesh Surve were rejected by the court on October 10 and the detailed orders made public on Wednesday. The Economic Offences Wing of the Mumbai Police had filed a case against them and others in January, alleging that the company offered high returns to investors and later duped them.

“Economic offences involving huge public money of the society at large, ordinarily warrants a strict view, given their impact on the community and investors confidence,” special judge R K Deshpande said.

“This Court at this stage cannot overlook the fact that other co-accused persons are still absconding. In such scenario in a given set of facts, 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 frustrating the process intended to secure restitution for the investors,” the judge added.

Opposing the bail pleas, special public prosecutor J N Suryavanshi told the court that 14,268 investors were cheated to the tune of Rs 143.98 crore. Assets including property worth Rs 32.04 crore had been seized. He added that there was the risk of the accused hiding or disposing of remaining assets.

Khasatova had said that she was only an interpreter in the company from 2024 and was not a shareholder, director, CEO or manager. She had said that she received remuneration from the company as an interpreter and had nothing to do with its day-to-day functioning. She had claimed that she was wrongly framed and portrayed as a general manager.

Surve, who the police said is the director of Torres, in his plea said that he joined the company as a salesperson with a salary of Rs 22,000 per month and was not involved in the functioning of the company. Kumar too claimed that she was wrongly arrested and was only working as a translator.

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