Fresh case filed in Rs 1,100 cr Stock Guru scam

A fresh case was filed on Wednesday in the Rs 1,100 crore Stock Guru India scam after a Trilokpuri resident said he was duped of Rs 3.60 lakh on the promise of double returns in seven months. 

The case was filed after Delhi Police failed to take action over a complaint by the victim in 2011, which forced him to approach the Chief Metropolitan Magistrate at Karkardooma Court.

The complainant Hari Om Gupta named Stock Guru India and the company’s managing partner Lokeshwar Dev alias Ulhas Prabhakar Khaire, 33.  Following the court order they have been charged under the Indian Penal Code and Prize Chits And Money Circulation Schemes (Banning) Act.

Lokeshwar floated the company with his wife Raksha J Urs, 30, and promised to double investors’ money. 

They were arrested from Ratnagiri in Maharashtra in November 2012 after a hunt lasting a year-and-a-half and are accused of duping some two lakh people in one of India’s biggest investment frauds involving an estimated Rs 1,100 crore. 

The couple had changed their names and disappeared with the investors’ money.

In his complaint to police, Hari said he invested Rs 3.60 lakh on the assurance given by Lokeshwar on behalf of Stock Guru India. “To make the investment Hari took a loan of Rs 70,000 from his relative Rameshwari Devi,” a police officer said.

Stock Guru India had issued several 100 per cent ‘money back guarantee bonds’ to Hari in 2010. But no payment was made by Lokeshwar despite expiry of the agreed time of return. Hari then contacted Lokeshwar at his office in west Delhi’s Moti Nagar and was assured of payment.

Despite several visits and requests, Lokeshwar failed to make any payment. Hari then approached Delhi Police in July 2011 and met senior police officers. 

“Lokeshwar threatened me and warned not to take any step against the company,” Hari said.

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