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HindustanTimes Wed,30 Jul 2014

Master scamster had family believe he was killed in an accident

Jatin Anand, Hindustan Times  New Delhi, November 14, 2012
First Published: 23:54 IST(14/11/2012) | Last Updated: 23:56 IST(14/11/2012)

 His family thought he was dead and gone even as him and his wife allegedly went on a nationwide cheating spree —swindling lakhs of unsuspecting investors for hundreds of crores — in just two years, sources said.

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Ulhas Prabhakar Khaire, the 33-year-old school dropout who along with his wife Raksha J. Urs, 30, pulled off a R500-crore cheating scam before being arrested by the Economic Offences Wing (EOW) of the Delhi Police this Monday, made his family in Nagpur believe that he had died in a road accident in 2003.

“In 2003, Khaire had started a small firm with one of his friends whom he later cheated and got arrested for,” said an officer. “He was jailed for a week after which he decided to sever all ties with his family to live the life he wanted.”

Accordingly, sources said, Khaire made one of his friends call his sister and tell her he had had an accident and his body had been washed away in a drain. Later, Khaire instructed his wife Raksha to run away from her in-laws’ house.

Arrested by the EOW from Maharashtra’s Ratnagiri last week, police said the couple had cheated 2,05,062 investors across the country on the pretext of ‘prudent and source based investments in the share market’.

“The victims were induced to invest money in their company, ‘M/s Stock Guru India’ operating from Delhi’s Rama Road in 2010, on the promise of lucrative returns and against promissory notes issued by their aliases Lokeshwar Dev and Priyanka Dev,” said Sandeep Goel, joint commissioner of police (EOW).

Police said investigations at Ratnagiri, where the couple had opened another office and were on the brink of launching another leg of their swindling operation, were heating up and a specially-constituted team was headed there to search for and attach more of their properties.

Meanwhile, police said another batch of complainants, this time from Punjab’s Ludhiana, had approached them claiming to have been cheated by them.

“Investigations are under way and more arrests in the case are possible. Nothing further can be disclosed in the interests of the investigation,” joint CP Goel added.


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