Ukrainian actor Armen Atian’s second bail plea rejected in Torres ponzi scheme case

Atian said in his bail plea that the allegation against him is only that he had helped the co-accused in opening the stores, but that there was no evidence to back up this allegation. He also said that his further custody was not required as the trial was yet to begin and that he was not an accused in the separate case filed by the Enforcement Directorate.

“It is submitted that the accused was in close contact with the foreign national absconding accused, and there was criminal conspiracy amongst the accused to open the showrooms and to cheat the public. There is also serious allegation that accused has procured a fake Birth Certificate showing that he is Indian National and used the fake birth certificate in various government departments,” Special Judge R B Rote said.

The court said the case was that of a serious economic offence, “having a large magnitude”.

“The present crime, there are about 14,964 investors who have suffered a loss of Rs 148.89 crores. There are other three similar crimes registered against the company in other police stations. The main accused are still absconding and the investigation is in progress. The value of misappropriated amount is about 148.89 Crores and the property only worth of Rs. 32 crores has been attached. Therefore, considering the nature, gravity, seriousness, large magnitude of the offence, and the larger interest of the society at this stage, it is not just and proper to exercise discretion and grant bail to the applicant/accused,” the court said.

Others booked in the case also remain behind bars, with at least 10 others suspected to have fled the country.