Ukrainian Actor Armen Atian's Second Bail Plea Rejected in Torres Ponzi Scheme Case
A special court in Mumbai has firmly rejected the second bail application filed by Ukrainian actor Armen Atian, who is currently booked in the high-profile Torres ponzi scheme case. The court delivered this significant ruling on February 5, 2026, emphasizing the serious nature of the economic offence and the ongoing investigation.
Details of the Court's Decision
Special Judge R B Rote, presiding over the case, highlighted several critical factors in the rejection. The court observed that the main accused individuals in the Torres scheme are still absconding, complicating the investigation. Furthermore, while a staggering amount of Rs 148.89 crore has been misappropriated from investors, property worth only Rs 32 crore has been attached so far, indicating a substantial recovery gap.
The court underscored that this case involves a serious economic offence with a large magnitude, affecting approximately 14,964 investors who have suffered significant financial losses. Additionally, three similar crimes have been registered against the involved company in other police stations, broadening the scope of the fraud.
Background of the Case and Atian's Arrest
Armen Atian was arrested on January 28, 2025, by the police's Economic Offences Wing for his alleged role in the Torres ponzi scheme. The scheme duped investors by luring them with promises of high returns of 6 to 12 percent per week on investments in jewellery and precious stones through Platinum Hern Pvt Ltd.
In his bail plea, Atian argued that the allegations against him were limited to helping co-accused open stores, with no concrete evidence to support this claim. He also contended that his further custody was unnecessary as the trial had not yet commenced, and he was not an accused in a separate case filed by the Enforcement Directorate.
Court's Reasoning and Allegations
However, the court dismissed these arguments, noting that Atian was in close contact with foreign national absconding accused and was part of a criminal conspiracy to open showrooms and cheat the public. A serious allegation was also raised that Atian procured a fake Birth Certificate to falsely claim Indian nationality, which he used in various government departments.
Judge Rote stated, "Considering the nature, gravity, seriousness, large magnitude of the offence, and the larger interest of the society at this stage, it is not just and proper to exercise discretion and grant bail to the applicant/accused." This reflects the court's commitment to addressing economic crimes that impact a wide segment of society.
Current Status of the Case
The investigation into the Torres ponzi scheme remains ongoing, with authorities working to trace the absconding main accused. Others booked in the case continue to be behind bars, while at least 10 suspects are believed to have fled the country, adding to the complexity of the legal proceedings.
This case serves as a stark reminder of the risks associated with high-return investment schemes and the legal repercussions for those involved in such fraudulent activities. The court's decision reinforces the judicial system's stance on protecting investors from economic offences of this scale.
