Couple arrested for defrauding investors of Rs 500 crore

New Delhi, Nov 13: A couple was yesterday arrested from Ratnagiri in Maharashtra for duping more than 2 lakh investors of nearly Rs 500 crore.

Ulhas Prabhakar Khaire in police custody at Police HQ in New Delhi on Monday. Khaire along with his wife Raksha J. Urs was arrested in Ratnagiri (Maharashtra) last week for their involvement in several cases of cheating, forgery and fraud worth approximately Rs.500 crore.

According to police, Ulhas Prabhakar Khaire and his wife Raksha defrauded all those who invested in their company Stock Guru India. The investors were lured with the promise of 20 per cent interest every month.

Disregarding the Securities and Exchange Board of India's regulations, the Khaires offered the investors a whopping 120 per cent return in a year and also assured to give back the principal in the seventh month.

Investors from Rajasthan, Uttarakhand, Delhi, Himachal Pradesh, Maharashtra, Madhya Pradesh, West Bengal, Haryana and even Sikkim were conned by the couple. After Ulhas and Raksha absconded with almost Rs 500 crore, Delhi Police registered a case against the Khaires.

Since the accused hail from Nagpur, investigators came to Maharashtra in search of Ulhas and Raksha but apparently the couple had moved to Goa by then. It is noteworthy that the Nagpur police had booked the Khaires way back in 2004 for cheating people.

Finally, the Delhi Police traced Ulhas and Raksha in Ratnagiri where Ulhas used the alias Siddharth Marathe while Raksha claimed to be Maya Marathe. Ulhas reportedly used another alias Lokeshwar Ber Dev while the couple was in Goa.

Police said that Ulhas and Raksha started out by stealing credit cards before launching fly-by-night companies to dupe the public. Besides possessing a number of fake passports, the accused opened as many as 94 accounts in 20 banks.

Ulhas and Raksha are said to have bought several properties with their ill-gotten gains.

OneIndia News