Rs 500 cr fraud: Cops look for middlemen

Nov 15 2012, 06:14 IST
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SummaryAssociates under scanner, police to take Ulhas and Raksha to Ratnagiri

Associates under scanner, police to take Ulhas and Raksha to Ratnagiri

The Economic Offences Wing (EOW) on Wednesday said they will take the couple arrested in the Rs 500-crore Stock Guru scam to their hideout in Ratnagiri, Maharashtra, and probe their dealings with a few persons who helped them set up a base.

Ulhas Prabhakar Khaire and wife Raksha had started a shared trading company allegedly to defraud more persons.

The two will be in police custody for 10 days. While none of Ulhas’s family members came to meet him at the police station, Raksha’s mother has taken custody of the couple’s two children. The third child, an eight-month-old infant, is with Raksha in the police lock-up.

Ulhas told investigators that he preferred to call himself “copper king” as he considered himself an expert in trading shares and commodities.

Police are also on the lookout for several individuals who helped the couple run their racket smoothly in the Capital. A middleman, who had helped them coordinate with the complainant in the case, is on the run. “The person who approached me and advised me to invest my money with Stock Guru India is on the run. That person had approached many others, who were cheated of a sum bigger than the Rs 15 lakh that I had invested. That person’s phone is still switched off,” Sunil Kumar, the complainant, said.

An investigating officer said if necessary, they would write to the Enforcement Directorate regarding Sunil Kumar’s income. Sandeep Goel, Joint Commissioner of Police (EOW), said they were yet to write to the ED. “It is too early to say whether we will write to any agency. We are probing if they had invested their ill-gotten wealth in any more assets,” he said.

One of the persons who lost the biggest amount in the fraud is a Gurgaon-based farmer, Sunil. He had invested Rs 1.6 crore. He had sold his ancestral property and invested it with Stock Guru India.

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