Torres Fraud Case: Special Court Denies Bail To Ukrainian Actor, CEO

A special court in Mumbai on Friday refused to grant bail to Ukrainian actor Armen Ataine arrested in the Torres investment fraud case.

His plea was denied by special judge for cases under Maharashtra Protection of Interest of Depositors Act NP Mehta.

The detailed order, however, has not been made available as yet.

The accused, in his bail plea moved through advocates Trupen Rathod and Vivek Tiwary, claimed he was innocent and that his career would be ruined if he was kept in jail. He also said his name is not mentioned in the FIR and that he had been falsely implicated in the case.

The court also refused bail to Mohammad Tausif Riyaz, the chief executive officer (CEO) of Platinum Hern Private Limited, the firm that operated the Torres jewellery brand. He is among the seven persons arrested in the case.

The firm is accused of cheating investors of crores of rupees through a combination of Ponzi and multi-level marketing schemes.

According to the police, some 10848 investors have so far approached with complaints of being cheated to the tune of Rs 57 crore.