Ukrainian Actor's Bail Denied in High-Profile Investment Fraud Case

Ukrainian actor Armen Ataian was denied bail again in the Torres investment fraud case in Mumbai. Charged with being part of a conspiracy involving Platinum Hern Pvt Ltd, the company allegedly defrauded investors of Rs 148.89 crores via ponzi and MLM schemes. Ataian's plea was rejected due to flight risk concerns.

In a notable decision, a court in Mumbai has again denied bail to Ukrainian actor Armen Ataian, who is embroiled in the Torres investment fraud case. The court cited both the 'gravity of the offence' and his potential to 'flee the country' as reasons for rejecting the plea.

Platinum Hern Pvt Limited, operating the Torres brand, faces allegations of deceiving investors out of an extensive Rs 148.89 crores in a case involving schemes likened to Ponzi and multi-level marketing. According to the prosecution, Ataian played a role in a complex criminal conspiracy around the operation.

The Economic Offences Wing (EOW) of Mumbai police opposed the bail, connecting Ataian to misleading many into investing with false promises of lucrative returns. Despite a pending investigation, the EOW has already filed a chargesheet, with the court underscoring the risk of evidence tampering and the unresolved status of key suspects.

(With inputs from agencies.)