Masterminds of 'Stock Guru' scam held: Delhi Police
Delhi Police have arrested the alleged masterminds of the multi-crore 'Stock Guru' scam from Ratnagiri district in Maharashtra.
The husband-wife duo, who had floated the company 'M/s Stock Guru India' in 2010 in Delhi, lured investors on the promise of highly lucrative returns, a police statement issued here said adding that they were involved in a fraud of more than Rs 493 crore with over 200,000 investors.
Ulhas Prabhakar Khaire, 33, presented himself before public with different names including Lokeshwar Dev, Lokeshwar Dev Jain Dr Raj Kumar Maheshwari, Rohit Khatri, Dr Raj Zaveri and Sidhharth Jay Marathe.
Raksha J Urs, 30, Khaire's wife also used several pseudonyms to dupe people. Priyanka Saraswat Dev, Priyanka Dev Jain, Prachi Maheshwari, Kanchan Khatri, Dr Priya Zaveri and Maya Marathe were some of the names she used to hide her real identity, the police said.
The husband-wife duo was also involved in several other cases of cheating, forgery and fraud registered in Uttarakhand, Himachal Pradesh, Rajasthan, Madhya Pradesh, Sikkim and Maharashtra, it said.
Based on the complaints of Sunil Kumar of Sonipat and Sunil Kumar of Gurgaon, two cases were initially registered and investigated in West District, Delhi in the matter of the 'Stock Guru'. Subsequently these were transferred to the EOW Crime Branch in July 2011.
It both the cases, the victims were asked to invest money in the M/s Stock Guru India, situated at Rama Road, Delhi on the promise of lucrative returns of 20 per cent per month up to six months on the principal amount followed by a subsequent refund of the principal amount in the seventh month.
However, instead of returning their investments as promised, Lokeshwar and Priyanka Dev suddenly shut down their office and decamped with all the collected funds.
Their scheme to induce public at large was quite elaborate with conferences and distribution of attractive brochures in five star hotels all over India. They also had multiple agents across the country who mobilised funds on their behalf, the police said.
Till date, as many as 14,303 complaints have been received in this matter, it said adding that investigation of these cases revealed that there were about 2,05,062 investors who had invested around Rs 493 crore.
Investigation was on, the police said.