India has sought the extradition of Olena Stoian, a Ukrainian national accused of being a key mastermind in the INR 177-crore Torres Jewellery fraud, after she was detained in Moldova on the basis of a Red Corner Notice issued by Interpol.
Authorities allege that Stoian, along with associate Oleksandr Zapichenko, played a central role in structuring the scam and moving funds, and had fled India shortly before the fraud came to light in early 2025.
Investigators say the company sold low-value stones such as moissanite as high-end gems while luring investors with weekly returns of 2% to 9% and referral-based incentives resembling a Ponzi scheme, collecting large sums outside formal banking channels.
A significant portion of the money is suspected to have been laundered, with only a small amount reflected in official accounts.
A Mumbai court had earlier issued a non-bailable warrant against Stoian, and the case originating from a 2025 FIR in Navi Mumbai continues to involve multiple accused, including foreign nationals, with authorities pursuing further action.
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