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The Game's Up: Stock Guru Masterminds Arrested

NOVEMBER 14, 2012

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 The Game's Up: Stock Guru Masterminds Arrested

The multi-crore Stock Guru scam is being investigated across different states. The Economic Offences Wing of the Delhi Police is likely to take the arrested Ulhas Prabhakar Khaire and Raksha J Urs, the masterminds, to Ratnagiri to raid their premises. They are likely to be taken there to recover more of the Rs 500 crore they had pocketed.


In Ratnagiri, the couple had adopted fake identities of Sidhharth Jay Marathe and Maya Marathe. They had floated Stock Guru India in 2010 under false identity of Loskeshwar Dev and Priyanka Saraswat Dev. Strangely, the firm was operating without any permission or clearance from the regulator SEBI.



The couple had allegedly duped 2 lakh investors of more than Re. 500 Crore by promising them high returns   through stock market investments. But the investors claim they were taken in by the promise of returns of 20 % per month followed by a subsequent refund of the principal amount in the seventh month, through investments in the share market. After being duped, the investors formed a group on Facebook to highlight their plight. This also kept the momentum on the police to act faster. In all, 14,000 complaints have been received in seven states.








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