Torres fraud: Ukrainian actor, firm CEO remanded in 14-day judicial custody

Mumbai, Feb 3 (PTI) A court here on Monday remanded Ukrainian actor Armen Ataine and another key accused in 14-day judicial custody in the Torres investment fraud case.

The Platinum Hern Pvt Limited, that runs the Torres brand, is accused of cheating investors of crores of rupees through a combination of Ponzi and multi-level marketing (MLM) schemes.

Ataine was arrested last week by Mumbai police's Economic Offences Wing (EOW) from Malvani in Malad, while the firm's CEO Tausif Riyaz was held by Lonavala in Pune district.

At the end of their remand, the two were produced before additional sessions judge NP Mehta, who sent them to judicial custody as no further remand was sought by the probe agency.

Meanwhile, the victims of the fraud have approached court seeking issuance of non-bailable warrant against the absconding accused and forensic audit to unearth the money trail.

In a plea filed through advocate Sunny Punamiya, two victims urged the court to pass an appropriate order directing the investigation in the crime "to be fair, transparent and swift".

"The relief sought is with respect to the persons who have absconded and there is apprehension that they have left the country. Thus, the court should issue an appropriate direction for issuance of arrest warrant against them," the plea said.

In another plea, two victims claimed the said fraud was one of the biggest witnessed in the last decade.

"In view of the monumental and large-scale financial effect, thereby affecting the financial health of the economy, a forensic financial audit must be conducted by the respondent agency. The move will throw light on trail of money, companies and entities used to funnel and/or siphon away the monies and ultimate beneficiaries," this plea said.

Both the pleas will be heard on February 10.

So far, six persons have been arrested in the case, while 10,848 investors have approached Mumbai police with complaints of being cheated, police officials said, adding the fraud amount is over Rs 57 crore. PTI AVI BNM

Source: PTI