MUMBAI: Observing that there were serious allegations that the accused procured and used a fake birth certificate to falsely claim he was an Indian citizen, a special court rejected the second bail plea of Armen Garun Ataian, a Ukrainian national and actor in the Rs 148.89 crore money laundering case related to the Torres Jewellery investment fraud case. The special Judge noted that economic offences require a more stringent approach compared to other crimes. Special Judge RB Rote stated, “An economic offence is committed with cool calculation and deliberate design with an eye on personal profit, regardless of the consequence to the community. A disregard for the interest of the community can be manifested only at the cost of forfeiting the trust and faith of the community in the system to administer justice in an even-handed manner.”Ataian (48) allegedly introduced co-accused Tausif Riyaz alias John Carter to the absconding foreign national accused and helped in opening the company’s showrooms in India. “The offence is a serious economic offence of large magnitude. In the present crime, there are about 14,964 investors who suffered a loss of Rs 148.89 crore. There are three other similar crimes registered against the company in other police stations. The main accused are still absconding, and the investigation is in progress,” the Judge said. The Judge further said that the value of the misappropriated amount was about Rs 148.89 crore, while property worth only Rs 32 crore was attached. “Therefore, considering the nature, gravity, seriousness, large magnitude of the offence, and the larger interest of society at this stage, it is not just and proper to exercise discretion and grant bail to the accused. There is every possibility of fleeing and tampering with the prosecution evidence,” the Judge said.Ataian, who was in custody for a year, sought release because the investigation was complete and the chargesheet had been filed. The defence argued that the actor was neither a director nor a shareholder of the company and that the allegations against him were based on hearsay. However, the prosecution strongly opposed the plea.The Judge observed that the accused was allegedly instrumental in introducing the key accused to local associates and remained in close contact with them until they fled India. The Judge also took note of a separate criminal case registered against the actor for allegedly procuring a fake birth certificate to claim Indian citizenship, noting that he was residing in the country without a valid passport or visa.“The economic offences having deep-rooted conspiracies and involving huge loss of public funds need to be viewed seriously and considered as grave offences affecting the economy of the country as a whole and thereby posing a serious threat to the financial health of the country,” the Judge said.
