Torres fraud: Court refuses bail to accused who helped masterminds launder money

The 59-year-old Mulund resident was arrested on February 19, 2025, by the Economic Offences Wing (EOW) of the Mumbai police in connection with the main FIR registered against Platinum Hern Pvt Ltd, which owned the Torres Jewellery brand, its foreign directors and some locals for allegedly defrauding thousands of investors

MUMBAI: A special court on Tuesday rejected the bail plea of Lallan Singh, the Mulund resident arrested for allegedly helping the Ukranian masterminds of the Torres jewellery fraud to launder crores of rupees collected from unsuspecting investors, through five shell companies.

Torres fraud: Court refuses bail to accused who helped masterminds launder money

Apart from the nature and gravity of the offence, and the active role played by Singh, Special Judge RB Rote also took into account his criminal past and said it would therefore not be appropriate to release him on bail.

“There are serious allegations that the applicant has assisted the foreign national accused and siphoned off the proceeds of crime with the help of his shell companies,” the court said.

The 59-year-old Mulund resident was arrested on February 19, 2025, by the Economic Offences Wing (EOW) of the Mumbai police in connection with the main FIR registered against Platinum Hern Pvt Ltd, which owned the Torres Jewellery brand, its foreign directors and some locals for allegedly defrauding thousands of investors.

The EOW probe revealed that the flagship Torres Jewellery store in Dadar had defrauded 15,018 investors of ₹149.66 crore through various deposit schemes and the sale of purported semi-precious stones.

Singh had applied for bail claiming he was innocent and had been falsely implicated. He claimed he himself was a victim of the fraud perpetuated by the jewellery store chain and the Ukrainian masterminds behind the scam, as he had invested money in the schemes after borrowing from banks, friends and relatives.

The EOW opposed his bail plea, contending that Singh was part of the conspiracy and had helped the masterminds to funnel defrauded money into the banking system.

The prosecution claimed he had received ₹13.45 crore in cash collected by Platinum Hern from investors in Torres schemes, and deposited it in the bank accounts of five shell companies that Singh had floated – Astrozen Pharmaceutical Pvt Ltd, Miracle Pvt Ltd, Mulund Online Services, Prisah Advisory Pvt Ltd, and Prisah FMS and Security Services Pvt Ltd. None of these companies is registered with the registrar of companies. The money was then transferred through banking channels to the bank account of Platinum Hern.

Apart from the fact that assets valued at only ₹32 crore could have been attached in the case and nine foreign nationals are still at large, the EOW also pointed out that there are two cheating cases registered against Lallan Singh – one at Naupada police station in Thane and another at Navghar police station.

The court accepted the arguments advanced on behalf of the EOW and rejected Singh’s bail application.