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Torres ponzi case: Key accused traced to Moldova, extradition process begins

A special court was informed on Monday that Olena Stoian is currently in the East European country of Moldova.

TorresThe case pertains to the Torres jewellery chain, where customers were allegedly lured with promises of weekly returns of 6–12% on investments in jewellery and precious stones. (Express File Photo)

More than a year after the arrests in the ₹177 crore Torres ponzi scheme, a key accused has been traced to Moldova, with authorities initiating steps to bring her back to India.

A special court was informed on Monday that Olena Stoian is currently in the East European country of Moldova. The court had issued a non-bailable warrant against her in November 2025.

The Enforcement Directorate moved an application seeking affirmation of documents required to begin extradition proceedings. The paperwork, which must be authenticated by an Indian court before being sent abroad, was verified and handed over to the agency.

The case pertains to the Torres jewellery chain, where customers were allegedly lured with promises of weekly returns of 6–12% on investments in jewellery and precious stones.

Investigations by Mumbai Police and the ED have so far led to the arrest of over 15 persons, including foreign nationals. Officials have said at least 10 key accused fled the country during the probe.

According to the ED, Stoian played a central role in laundering funds through Platinum Hern Pvt. Ltd., the entity associated with Torres stores.

She is alleged to have facilitated illicit capital flows, converted unaccounted cash into legitimate investments, and helped channel funds collected from customers, particularly from the Dadar outlet.

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In a related development, another accused, Lurchenko Igor, was earlier traced to Ukraine following an Interpol Blue Corner Notice issued at the request of Mumbai Police’s Economic Offences Wing. Authorities had initiated steps for his extradition as well.

Sadaf Modak is a distinguished Legal Correspondent based in Mumbai whose work demonstrates exceptional Expertise and Authority in covering the intricacies of the judicial and correctional systems. Reporting for The Indian Express, she is a highly Trustworthy source for in-depth coverage of courtroom proceedings and human rights issues. Expertise  Specialized Role: As a dedicated Legal Correspondent, Sadaf Modak possesses deep, specialized knowledge of legal procedures, statutes, and judicial operations, lending immense Authority to her reports. Core Authority & Focus: Her work primarily centers on: Trial Court Proceedings: She mainly covers the trial courts of Mumbai, providing crucial, on-the-ground reporting on the day-to-day legal processes that affect citizens. She maintains a keen eye on both major criminal cases and the "ordinary and not so ordinary events" that reveal the human element within the justice system. Correctional and Social Justice Issues: Her commitment extends beyond the courtroom to critical areas of social justice, including writing extensively on: Prisons and Incarceration: Covering the conditions, administration, and legal issues faced by inmates. Juvenile Justice: Reporting on the complexities of the juvenile justice system and the legal rights of children. Human Rights: Focusing on fundamental human rights within the context of law enforcement and state institutions. Experience Institutional Affiliation: Reporting for The Indian Express—a leading national newspaper—ensures her coverage is subject to high editorial standards of accuracy, impartiality, and legal rigor. Impactful Detail: Her focus on trial courts provides readers with direct, detailed insights into the workings of the justice system, making complex legal narratives accessible and establishing her as a reliable and trusted chronicler of the legal landscape. Sadaf Modak's blend of judicial focus and commitment to human rights issues establishes her as a vital and authoritative voice in Indian legal journalism. She tweets @sadafmodak ... Read More

 

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