The Economic Offences Wing (EOW) of the Mumbai police has found no older cases against Ulhas Khaire and his wife Raksha J Urs, who were arrested last week by Delhi police’s EOW, had been registered in the city.
Last week, the Delhi EOW arrested the couple for allegedly cheating 2,05,062 investors across the country of around Rs500 crore over two years by offering sound investments in the share market. The duo was arrested from Ratnagiri district.
The couple duped investors into putting money in their company, ‘M/s Stock Guru India’ operating from Delhi. They promised of big returns and against promissory notes issued by their aliases Lokeshwar Dev and Priyanka Dev, officials said. However, they suddenly shut down their office and kept crores of funds with them.
After year-long investigations, the two were arrested. Police had conducted various raids at multiple locations in Moradabad, Dehradun, Alwar, Nagpur and Goa before finding the couple in Maharashtra. More than 14,303 complaints had been reported to the EOW in Delhi alone.
The investigations showed that 94 accounts, spread over 20-or-so banks, had been opened by them. They had also purchased 12 properties through the illegally-procured funds.