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Torres fraud: Court refuses bail to accused who helped masterminds launder money
A Mumbai special court rejected the bail plea of Lallan Singh, accusing him of aiding Ukrainian masterminds in laundering crores of rupees from the Torres Jewellery fraud via five shell companies. Singh had been arrested in February 2025 in connection with the main FIR against Platinum Hern Pvt Ltd and the Torres scheme. The case involves thousands of investors and a substantial fraud amount, with the investigation noting Singh's alleged active role and connections to others in the conspiracy.
Why It Matters
The ruling highlights judicial caution in bail decisions in major financial frauds and emphasizes accountability for individuals linked to large-scale investor defrauding networks.
Timeline
3 Events
Article reporting bail decision published
April 23, 2026
The article published on April 23, 2026, reports the bail rejection and reiterates case details: Torres Jewellery defrauded 15,018 investors of ₹149.66 crore through various deposit schemes and sale of purported semi-precious stones; Singh claimed innocence and said he was a victim who borrowed money to invest. The report notes the EOW's position and the ongoing investigations.
Special court rejects bail plea of Lallan Singh
April 21, 2026
A Mumbai special court, presided by Special Judge RB Rote, rejected Singh's bail application. The court cited the gravity of the offence, Singh's active role, and his criminal past. It noted that Singh allegedly assisted the foreign-national accused and siphoned off crime proceeds via shell companies. The judge mentioned potential attachment of assets up to ₹32 crore, the presence of nine foreign nationals at large, and two cheating cases against Singh (Naupada, Thane and Navghar). The EOW had opposed the bail plea.
Arrest of Lallan Singh by Mumbai EOW
February 19, 2025
Lallan Singh, a Mulund resident, was arrested by the Economic Offences Wing (EOW) of the Mumbai police in connection with the main FIR registered against Platinum Hern Pvt Ltd, owner of Torres Jewellery, its foreign directors and some locals for allegedly defrauding thousands of investors. The EOW probe linked him to helping the Ukrainian masterminds launder crores of rupees through five shell companies.