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Con couple in net for Rs. 500 cr scam

Source : IBNS
Last Updated: Tue, Nov 13, 2012 10:59 hrs

New Delhi, Nov 13 (IBNS) : In what resembles a script straight out of Bollywood films like Bunty Aur Bubli, a Maharashtra couple has cheated over two lakh people of nearly Rs 500 crore for over two years, till the long arm of law caught up with them finally.

The Economic Offences Wing (EOW) of the Delhi Police on Tuesday said they have arrested a couple, who were running a fraudulent investment firm, from Ratnagiri town in Maharashtra in connection with a multi-crore scam.

Ulhas Prabhakar Khaire, 33 and a school dropout, and his wife Raksha J. Urs had allegedly cheated more than two lakh investors and siphoned off nearly Rs. 500 crore, making it one of the biggest economic frauds in the country.



The couple was staying in Ratnagiri with their children under the false names Sidhharth Jay Marathe and Maya Marathe after shutting down their business.

They were arrested last week, the police said.

They had duped people in different states across the country including Delhi, Uttarakhand, Himachal Pradesh, Sikkim, Rajasthan, Madhya Pradesh and Maharashtra, the police said.

Sandeep Goel, joint commissioner of police (EOW) , said about two lakh people had fallen in their trap whom they lured to invest in their company.

"They promoted their schemes in big hotels and wooed people," said Goel adding that their company ´M/s Stock Guru India´ was operating from Delhi´s Rama Road.

He said people were lured with promises of high return in a short time.

Goel said multiple agents across the country used to mobilize funds on their behalf.

According to reports, the couple promised people of giving them handsome returns of 20 percent per month for a period of six months on the principle amount and attracted them to invest in the firm.

They also promised to refund the principal amount in the seventh month.

As many as 14,303 complaints were received by the EOW against the couple in Delhi, an official said.

A total of 94 accounts in 20-odd banks in different names were being operated by them.



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