In the case, India’s Economic Offences Directorate tracked down the key accused in Moldova and sought extradition from the court as the investigation uncovered a massive investment scam that victimized thousands of people, indiatimes.com reported.
The person in question is Ukrainian national Olena Stoyan.
The agency claims that Stoyan, along with Oleksandr Zapichenko, also known as Alex, and Victoria Kovalenko, director of Platinum Hern Pvt Ltd (PHPL), were the main organizers of the money laundering operations.
In November last year, the agency obtained non-bailable arrest warrants against Stoyan, Alex, Kovalenko and Sagar Mehta, a Mumbai resident who had allegedly fled the country.
The special court filed the case against the four accused and eight others after a petition was filed by the public prosecutor’s office in early 2025. Investigation revealed that PHPL-Torres Jewelry lured investors into a fraudulent scheme by promising inflated weekly returns of 2% to 9% on gold and diamond jewelry. The company lured customers with investment bonuses of 20% for referring new customers, thus creating a classic Ponzi pyramid scheme.
According to the Economic Crime Office, the organizers of the pyramid scheme held seminars and raffles for luxury cars to give the impression of legitimacy. In reality, the company sold cheap synthetic moissanite stones disguised as expensive diamonds. The agency said the proceeds of the criminal activities now total Rp 177.11 billion.
