One of the key members of the Ukrainian gang that duped over 15,000 people from Mumbai and nearby districts of around Rs 150 crore through the Torres Ponzi scheme has been traced in Ukraine. The Mumbai police’s Economic Offences Wing (EOW), in coordination with the Crime Branch, has initiated the extradition to bring the accused foreigner back to India, senior EOW officials told The Indian Express.
Lurchenko Igor is among nine foreigners who had allegedly masterminded and operated the Torres Investment fraud and fled the country before the fraud could surface and police could take any action.
A senior EOW officer said that concerned law enforcement authorities from Ukraine communicated that Igor, for whom a Blue Corner Notice (BCN) was issued by Interpol on the request of Mumbai police EOW, had been traced to Ukraine in May and agencies have kept him under watch.
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“After being informed by Ukrainian authorities, we completed due documentation and recently initiated proceedings to extradite him to India. Soon, Ukrainian authorities will be sent an extradition request via Interpol along with all the relevant documents translated into the official language of Ukraine, and after Ukraine acknowledges our investigation, a team from Mumbai police will be sent there to extradite him to India,” the EOW officer said.
The Ukrainian accused, Igor, was actively involved in the Torres fraud schemes’ operations. He would frequent different branches of Torres, including their head branch in Dadar. He left India on December 6, 2024.
Read | Rs 177 Cr Torres Fraud: ‘Whistleblower’ for EOW is a key accused for ED
After the matter surfaced and criminal cases were registered, EOW issued a BCN against Igor. Besides him, the BCN was also issued against Ukrainians Victoriia Kovalenko, Oleksandr Borovyk, Oleksandr Zapichenko, Oleksandra Brunkivska, Oleksandra Tredokhib, and Artem Oliferchuk and a Turkish national, Mustafa Karakoc.
“Once he is brought to India and we will get custody and interrogate him. We would be able to gather more evidence to establish his exact role in the operations of Torres Ponzi scheme,” said another EOW official.
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As many as 14,157 investors from across Mumbai and neighbouring districts lost nearly Rs 150 crore between January 2024 and December 2024 to the alleged Torres fraud run by the Platinum Hern Pvt Ltd company, which was operated by Ukrainian masterminds.
The EOW in March this year filed a 27,134-page chargesheet in the matter. Later, ED, which probed the money laundering aspect of the case, also investigated the case and filed a chargesheet.
According to the probe agencies, M/s Platinum Hern Pvt. Ltd is accused of running a fraudulent investment scheme by selling low-value synthetic moissanite as high-value gemstones, promising exaggerated returns, and using misleading advertisements, fake bonuses, and a referral system resembling a Ponzi scheme.
The investigation conducted so far revealed that the key persons involved in this case are 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.
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By analysing the computer system, logs, records, and other conversations between the accused over chatting apps, the ED found that the total proceeds of crime are estimated to be Rs 177.11 crore.
The Torres case
On January 6 this year, thousands of investors from Mumbai, Thane, Navi Mumbai, and Mira Road staged protests outside Torres’ jewellery stores in Dadar, Mira Road, and APMC Navi Mumbai. The police of these three cities have registered separate FIRs in the case, and the Shivaji Park police registered the main FIR. Later, the Mumbai police’s EOW took over the investigation. A court-ordered SIT headed by the Mumbai EOW joint commissioner of police, Nishith Mishra, is supervising all three separate probes.
As many as 11 accused, including eight Ukrainian nationals and a Turkish national, are still wanted in the case.
After raiding multiple locations of the Torres company and accused persons, the EOW officials seized properties worth Rs 32 crore and approached the court seeking permission to get the seized properties auctioned so that investors can get refunds.
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Since the ED had been conducting a parallel probe, the agency found that the Ukrainian masterminds invested around Rs 4.35 crore as capital and, using it, carried out mass fraud worth Rs 177 crore. The agency’s probe revealed that the cash was received from Oleksandr Zapichenko, and then entry operator Lalan Jamedar Singh used various entities to provide accommodation entries. Through two entities, Singh allegedly made bogus investments worth Rs 45 lakh and Rs 3.90 crore in Platinum Hern Pvt Ltd.
Investigation revealed that alleged hawala operator Alpesh Khara played a critical role in aiding and assisting one of the two masterminds, Oleksandr Zapichenko, in converting the cash collected from customers (investors) of M/s Platinum Hern Pvt Ltd into the cryptocurrency USDT, which was then credited to digital wallets associated with individuals known to Alex.
Alex and the other accused, Olena Stoian, are the key architects of the financial structuring and laundering operations of M/s Platinum Hern Pvt Ltd. From providing the initial capital through illicit means to orchestrating the conversion and reintroduction of unaccounted cash as legitimate investment, Oleksandr Zapichenko systematically facilitated concealing the proceeds of the crime, ED sources said.
Their direct involvement in converting the deposits made by the customers in cash into cryptocurrency and settling large cash transactions further underscores their central role in the money laundering network, agency sources added.
