India, March 8 -- A special MPID (Maharashtra Protection of Interest of Depositors) court on Friday rejected the bail applications of Tausif Riyaz, the alleged Chief Executive Officer (CEO) of Platinum Hern Private Limited, the holding company of the Torres Jewellery chain, and of Ukrainian actor Armen Ataian, who allegedly helped the prime accused set up their the jewellery brand in India.

The order comes days after the same court rejected the bail applications of three prime accused arrested in connection with the multi-crore fraud that duped thousands of small investors.

In his bail plea, Riyaz had claimed that he was neither the CEO nor a shareholder in the Torres holding company. He claimed he was a whistleblower, who had shared in...