Couple held for duping people of Rs 500 crore
13 Nov 2012 2:00 AM GMT
A couple has been arrested by Economic Offence Wing(EOW) of the Delhi Police for duping over two lakh people of Rs 500 crore. The accused were running an investment company, Stock Guru India, in Moti Nagar, west Delhi since 2010.
They lured people from all over the country and gave them attractive investment offers. The couple has been involved in several cases of cheating, forgery and fraud in different parts of the country such as Uttarakhand, Himachal Pradesh, Rajsthan, Sikkim, Madhya Pradesh and Maharashtra.
According to Sandee Goel, Joint Commissioner of Police (EOW), ‘The couple has been identified as Ulhas Prabhakar Khaire, 33, and Raksha J Urs, 30. Both hail from Maharashtra. They were arrested from Ratnagiri in Maharashtra on 10 November. In Delhi alone, the couple have around 14,000 complaints registered.’
Goel added that the couple operated under various fake names and duped people. Their company Stock Guru India was located in Rama Road in Moti Nagar area. The company promised the investors lucrative returns.
The first complaint was lodged in June 2011 by two Haryana based people at Moti Nagar police station. Following this, the case was transferred to EOW and a special team was formed to invesigate the matter under the supervision of S D Mishra, Additional Deputy Commissioner of Police (EOW).
‘After year-long investigation, the couple was apprehended and are now on police remand. We are interrogating the couple to trace the others who were involved,’ Goel added.
The accused had guaranteed to provide a 20 per cent return per month, up to six months, on the principal amount followed by a subsequent refund of the principal amount on the seventh month, through prudent and source based investments in the share market. However, instead of returning their investments as promised, the couple suddenly shut down their office and decamped with the money.
Couple’s scheme to induce public at large was quite elaborate with conferences and distribution of attractive brochures in Five-star hotels. They also had multiple agents across the country who mobilised funds on their behalf.
The police said there are about 14,303 complaints against the company. During investigation, it was revealed that there were about 2,05,062 investors who had invested Rs 10,000 or more, totalling an investment of about Rs 493 crore in Stock Guru India. It was also revealed that 94 bank accounts in 20-odd banks were opened by the couple under fake names.
The accused have around 12 properties, includiing eight flats in Dwaraka, one flat each in Bhiwadi, Alwar and Moradabad and one villa in Goa.
Khaire, a resident of Nagpur in Maharashtra, left studies after Class XI and started construction business. A case of cheating was registered against him in Nagpur and he left Nagpur in 2004. In 2005, he came to Bangalore, where he married Mysore girl Raksha Urs, and started working in a finance company.
They lured people from all over the country and gave them attractive investment offers. The couple has been involved in several cases of cheating, forgery and fraud in different parts of the country such as Uttarakhand, Himachal Pradesh, Rajsthan, Sikkim, Madhya Pradesh and Maharashtra.
According to Sandee Goel, Joint Commissioner of Police (EOW), ‘The couple has been identified as Ulhas Prabhakar Khaire, 33, and Raksha J Urs, 30. Both hail from Maharashtra. They were arrested from Ratnagiri in Maharashtra on 10 November. In Delhi alone, the couple have around 14,000 complaints registered.’
Goel added that the couple operated under various fake names and duped people. Their company Stock Guru India was located in Rama Road in Moti Nagar area. The company promised the investors lucrative returns.
The first complaint was lodged in June 2011 by two Haryana based people at Moti Nagar police station. Following this, the case was transferred to EOW and a special team was formed to invesigate the matter under the supervision of S D Mishra, Additional Deputy Commissioner of Police (EOW).
‘After year-long investigation, the couple was apprehended and are now on police remand. We are interrogating the couple to trace the others who were involved,’ Goel added.
The accused had guaranteed to provide a 20 per cent return per month, up to six months, on the principal amount followed by a subsequent refund of the principal amount on the seventh month, through prudent and source based investments in the share market. However, instead of returning their investments as promised, the couple suddenly shut down their office and decamped with the money.
Couple’s scheme to induce public at large was quite elaborate with conferences and distribution of attractive brochures in Five-star hotels. They also had multiple agents across the country who mobilised funds on their behalf.
The police said there are about 14,303 complaints against the company. During investigation, it was revealed that there were about 2,05,062 investors who had invested Rs 10,000 or more, totalling an investment of about Rs 493 crore in Stock Guru India. It was also revealed that 94 bank accounts in 20-odd banks were opened by the couple under fake names.
The accused have around 12 properties, includiing eight flats in Dwaraka, one flat each in Bhiwadi, Alwar and Moradabad and one villa in Goa.
Khaire, a resident of Nagpur in Maharashtra, left studies after Class XI and started construction business. A case of cheating was registered against him in Nagpur and he left Nagpur in 2004. In 2005, he came to Bangalore, where he married Mysore girl Raksha Urs, and started working in a finance company.
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