Couple nabbed in Rs 500-crore fraud case

Last Updated: Tue, Nov 13, 2012 05:52 hrs

A couple has been arrested for allegedly duping around 200,000 investors from seven states of nearly Rs 500 crore, by promising them high returns on their investment through their firm's dealing with stock markets, police said on Monday.

"After a hunt of one year, Ulhas Prabhakar Khaire, 33, a resident of Nagpur, and his 30-year-old wife, Raksha J Urs, were arrested from Maharashtra's Ratnagiri town on Saturday by the Delhi Police's economic offences wing for duping over 2,00,000 people from Delhi, Uttarakhand, Himachal Pradesh, Sikkim, Rajasthan, Madhya Pradesh and Maharashtra," said Sandeep Goel, joint commissioner of police, economic offences wing.

"Till date we have received 14,303 complaints in Delhi but during investigations, we found there were 205,062 investors who had invested Rs 10,000 or more, totalling an investment of about Rs 493 crore in Stock Guru India," he said. The couple had 94 accounts in 20 different banks with 13 different names and 12 properties. They also owned 12 luxury vehicles, the official said.

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