Mumbai: Sagar Mehta, the key accused in the Rs 177-crore money laundering case linked to the Torres Jewellers ponzi scheme who had been on the run for months, has been arrested by the local police in Dubai, the Enforcement Directorate informed the special PMLA court on Thursday.The defence lawyer sought the withdrawal of proclamation against the accused.The court had earlier issued non-bailable warrants (NBWs) against Mehta, Ukrainian national from Moldova Olena Stoian, and two other Ukrainian nationals Oleksandr Zapichenko and Viktoria Kovalenko. Mehta is alleged to have fled India on December 28, 2024, and is accused of assisting in collecting the proceeds of crime.Zapichenko and Stoian were identified as the principal designers of financial structuring and money laundering operations, providing initial funds through unlawful channels and enabling the conversion of undocumented cash into apparently legitimate investments. Torres allegedly conducted a fraudulent operation, marketing synthetic moissanite as precious gems with unrealistic return guarantees. Its strategy included misleading advertisements, artificial bonuses and a referral system typical of ponzi schemes.
