New Delhi: The Economic Offences Wing (EOW) of the Delhi Police, which is investigating into the multi-crore Stock Guru scam, has recovered assets worth Rs 20 crore after conducting raids in Mumbai and Ratnagiri.
The EOW team has seized 750 yards of industrial land registered in Ulhas Prabhakar Khare's name along with seven red-beacon cars with fake registration. They have also seized 48 high-end mobile phones, spy cam watches, 18 pan cards, and 75 debit cards.
Investigators said that the couple, Ulhas Prabhakar Khare and Raksha J Urs, also duped investors through a film institute that promised 100 per cent placement in the film industry. The police team also recovered 131 cheque books and a currency counting machine.
The couple was arrested for duping around 2 lakh investors from seven states of nearly Rs 500 crore by promising them high returns on their investment through their firm dealing in stock market. The people, who invested in the firm, claim they were taken in by the promise of quick returns.
After being duped, the investors formed a group on Facebook to highlight their plight. This also kept the momentum on the police to act faster.
In Ratnagiri, the couple was living under the false names Sidhharth Jay Marathe and Maya Marathe, along with their three children. The couple had floated Stock Guru India in 2010 under the false identity of Loskeshwar Dev and Priyanka Saraswat Dev.
The couple lured several people to invest in the firm promising them highly 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, through prudent and source based investments in the share market. The scheme to induce public at large was quite elaborate with conferences and distribution of very attractive brochures in five-star hotels all over India.