India, March 4 -- A special MPID (Maharashtra Protection of Interest of Depositors Act) court on Monday rejected the bail applications of three prime accused arrested in connection with the Torres Jewellery scam, which defrauded thousands of small investors of crores of rupees.

The court rejected the pleas of Tazgul Xasatova, the alleged general manager; Valentina Kumar, the purported store-in charge; and Sarvesh Ashok Surve, the alleged director of Platinum Hern Pvt Ltd, the holding company of the Torres brand.

Special Sessions Judge NP Mehta on Monday pronounced operative orders on their pleas.

The Torres fraud surfaced on January 6, when hundreds of investors gathered at various showrooms of the jewellery brand in and around Mumbai,...