Mumbai, Mar 23 (PTI) The Enforcement Directorate (ED) on Monday initiated extradition process against Ukrainian national Olena Stoian, a prime accused in the multi crore Torres fraud case, by approaching the special PMLA court for requisite paper compilation and attestation to prepare a dossier.

These documents will be sent to authorities at Republic of Moldova, where Stoian has reportedly been traced, for her extradition. The court, considering the probe agency's plea, handed over the extradition documents to the ED.

Earlier, the special court had issued non-bailable warrants (NBWs) against four accused, including three absconding Ukrainian nationals, Stoin being one of them, for their alleged role in the case.

"The accused are involved in a serious non-bailable offence of money laundering and are evading arrest. Therefore, in the interest of proper and effective investigation and trial into the serious economic offence, it is necessary to issue a non-bailable warrant," the judge said in an order passed in November last year.

Platinum Hern Private Limited, which operated under the brand name Torres Jewellery, is alleged to have cheated customers after collecting cash in lieu of the sale of Moissanite diamonds and other jewellery.

Instead of using the said cash for its legitimate business purposes, it was routed through hawala operators and later, converted into USDT cryptocurrency, as per the ED.

The ED case stems from a police FIR filed in Navi Mumbai. As per the federal probe agency, proceeds of crime in a case stands at Rs 177.11 crore. PTI AVI BNM

PMLA extradition proceedings advance in Torres jewellery fraud case involving alleged hawala routing and USDT conversion. Extradition proceedings were initiated under the PMLA against an absconding Ukrainian accused in the Torres jewellery fraud investigation after the Enforcement Directorate approached the special PMLA court for compilation and attestation of papers to prepare a dossier for transmission to foreign authorities. The case concerns allegations that customers were cheated through Platinum Hern Private Limited, operating as Torres Jewellery, by collecting cash in exchange for Moissanite diamonds and other jewellery, with the receipts allegedly routed through hawala operators and converted into USDT cryptocurrency in a money-laundering investigation.