ED to attach properties of Stock Guru owners

Couple involved in scam are lodged in Tihar jail

The Enforcement Directorate (ED) has issued orders to attach properties worth Rs 83 crore, spread across three states, amassed by Ulhas Prabhakar Khaire and his wife Raksha, key accused in the multi-crore Stock Guru scam.

The couple were arrested by the Delhi Police’s Economic Offences Wing in November last year for allegedly duping around two lakh investors from seven states of nearly Rs 493 crore by promising them high returns through their firm Stock Guru India.

The action came after the ED registered a case of money laundering and recorded the couple’s statement. At present, they are lodged in the Tihar jail.

The properties to be seized are in Mumbai, Ratnagiri and Nagpur in Maharashtra, Hyderabad and other cities in Andhra Pradesh and a few places in Haryana. Some are believed to be “benami”properties.

ED officials said they would issue prohibitory orders on these assets, including cash, jewellery and bank accounts, under provisions of the Prevention of Money Laundering Act.  
The seizure of properties would prevent the accused from enjoying benefits of these assets which were allegedly amassed through “proceeds of crime”. The investigators were also looking into some other properties that could soon be frozen under the same laws.

The CBI arrested Indian Revenue Service officer Yogendra Mittal last week in the same case for allegedly receiving bribes from Khaire.