Millennium Post

StockGuru scam: Court allows investors to recover investments

Seven of the victims of the multi-crore StockGuru scam have been allowed by a Delhi court to recover Rs 12 lakh from the fraudulent company 'StockGuru India' and its founders Lokeshwar Dev alias Ullas Prabhakar and his wife.

While granting the prayer to the investors, the court, however, refused to direct the Income Tax Department not to release amount of Rs 17 crore seized by it during a raid at the premises of the accused in 2011 till the execution of the court's decree.

‘I am of the considered opinion that the plaintiffs (investors) have established their case against the defendants (StockGuru owners and promoters). The suit of the plaintiffs is accordingly decreed in the sum of Rs 12 lakh against the defendants,’ additional district judge Anil Kumar Sisodia said.

‘The relief of mandatory injunction cannot be granted to the plaintiffs for the simple reason that the Income Tax Department is required to act in accordance with the law and being an independent authority under the law, it cannot be given any directions to act in a particular way,’ the ADJ said and added that they are at liberty to approach IT Commissioner for redressal of their grievances.

The court's order came on a suit initiated by seven unrelated investors Ankur Sachdeva, Mukul, Honey Kumar, Om Prakash, Savita Sharma, Kanta Sharma and Saroj Bala.

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