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Couple dupes two lakh investors from seven states of Rs 500 crore, arrested


Subhajit Sengupta,CNN-IBN
Nov 13, 2012 at 12:23pm IST

New Delhi: A couple running an investment firm has been arrested in Delhi in a multi-crore scam. Police are investigating over 10,000 complaints filed by investors who were duped across seven states. Ulhas Prabhakar Khaire is in the custody of the cops. He and his wife Raksha have been nabbed for allegedly defrauding investors in their company Stock Guru to the tune of Rs 500 crore. Investors from as far as Rajasthan, Madhya Pradesh and Sikkim were cheated, and a whopping 14,000 complaints were filed with police.

"I had invested Rs 12 lakhs and he ran away with my money," an angry investor said. So how did the couple manage to do hoodwink so many? The Mumbai based investment firm promised 20 per cent interest per month and openly flouted SEBI norms to offer 120 per cent returns in a year through stock market investments. Investors were promised the would get back their principal in just 7 months. The couple fled with the Rs 500 crore they collected 18 months ago.

The couple have been leading a double life using fake passports since. Jt CP, Economic Offenses Wing, Delhi Police, Sandeep Goel said, “The couple had fake passports. In Goa, they were living under alias of Lokeshwar Ber Dev. They used a number of alias.”

Police say the couple started their life of crime as credit card thieves but soon opened bogus firms to swindle unsuspecting clients. They have reportedly bought 12 major properties across the country and had 94 bank accounts in 20 different banks.

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