One of the key Ukrainian masterminds behind the multi-crore Torres Investment fraud, which duped over 15,000 investors in Mumbai and neighbouring districts, has been traced to Ukraine, officials confirmed. The Mumbai Economic Offences Wing (EOW) is now working to extradite the accused, Lurchenko Igor, to India, The Indian Express reported.
Igor is among nine foreign nationals accused of orchestrating the Ponzi scheme, which promised high returns on synthetic gemstone investments before collapsing in December 2024. According to senior EOW officials, Ukrainian authorities confirmed in May that Igor, subject to an Interpol Blue Corner Notice, had been located and placed under surveillance.
The Mumbai police's Economic Offences Wing has completed all necessary documentation and initiated extradition proceedings to bring back the Ukrainian suspect, The Indian Express reported. A formal request will soon be routed to Ukraine via Interpol, after which a police team will travel to escort the accused to India, officials confirmed.
The fraud, operated through Platinum Hern Pvt Ltd, allegedly lured investors with false promises of lucrative returns on synthetic moissanite stones marketed as high-value gems. Between January and December 2024, victims lost nearly Rs 150 crore. The EOW filed a 27,134-page chargesheet in March, while the Enforcement Directorate (ED) later uncovered money laundering worth Rs 177.11 crore.
As per The Indian Express, investigations revealed that Ukrainian nationals Oleksandr Zapichenko (alias Alex) and Olena Stoian were central to laundering operations, converting cash into cryptocurrency (USDT) via hawala networks. Alleged hawala operator Alpesh Pravinchandra Khara facilitated bogus investments, while eight other foreigners, including a Turkish national, remain at large.
The scam unravelled in January 2024 when enraged investors protested outside Torres jewellery stores in Dadar, Mira Road and Navi Mumbai. The EOW has since seized properties worth Rs 32 crore and sought court approval to auction them for victim compensation.
A Special Investigation Team (SIT) under EOW Joint Commissioner Nishith Mishra is overseeing the case. Eleven accused, including the fugitive Ukrainians, are still wanted. With Igor’s extradition pending, officials hope his interrogation will reveal deeper insights into the international racket. “His custody will help establish his exact role and strengthen evidence,” another EOW officer said, as reported by The Indian Express.
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