The economic offence wing (EOW) of the Mumbai police are trying to find if Ulhas Prabhakar Khaire and his wife Raksha Urs, who were arrested last week by Delhi police’s EOW for the multi-crore Stock Guru of India marketing fraud, have any cases against them in the city.
An official from the EOW said that they had so far not found anything, but are still going through old records. He added that no team has been sent to Delhi and the EOW is conducting a discreet inquiry.
Last week, the Delhi EOW, arrested the couple for cheating more than two lakh investors of around Rs500 crore in two years. The duo was arrested from Ratnagiri district, police said.
People were lured to invest money in their company, ‘M/s Stock Guru India’, operating from Delhi's Rama Road on the promise of lucrative returns against promissory notes issued by their aliases Lokeshwar Dev and Priyanka Dev, officials said.
However, Lokeshwar Dev and Priyanka Dev suddenly shut their office and decamped with the funds, police claimed.
The two were arrested after year-long investigations after the police raiding multiple locations in Moradabad, Dehradun, Alwar, Nagpur and Goa. As many as 14,303 complaints had been reported to the EOW in Delhi alone.
“Investigations revealed 94 accounts in 20-odd banks were being operated by them in at least 13 different names and entities in Delhi and beyond,” officials said. “In addition, 12 properties, including eight flats in Dwarka, a flat each at Bhiwadi, Alwar and Moradabad and a villa in Goa - all bought with illegal funds - were identified and attached.”
Khaire left Nagpur after several arrests
mumbai: Con guru Ulhas Khaire, who duped investors of over Rs500 crore, hails from a well-to-do family in Nagpur.
Ulhas’ grandfather Vitthal Khaire was a deputy collector in Nagpur and his father Prabhakar owned a wine shop there.
Ulhas dropped out of school after Class 10 and opened a construction company in 2002 with an associate. He borrowed a loan from an urban co-operative bank for this but never repaid it. Thereafter, he started a chit fund company and collected money from small investors.
Ulhas was arrested on May 6, 2003, when his partner lodged a complaint against him for fraud. Ulhas got bail and started collecting money from investors for his chit fund company.
Following another brush with the law, Ulhas left Nagpur by mid-2004. Ulhas worked at a call centre in Pune. Later, he shifted to Bangalore where he joined a finance company and met his future wife Raksha Urs.