StockGuru scam: Court allows investors to recover
Seven of the victims of the multi-crore StockGuru scam have been allowed by a Delhi court to recover Rs 12 lakh from the fraudulent company `StockGuru India` and its founders Lokeshwar Dev alias Ullas Prabhakar and his wife.
New Delhi: Seven of the victims of the multi-crore StockGuru scam have been allowed by a Delhi court to recover Rs 12 lakh from the fraudulent company `StockGuru India` and its founders Lokeshwar Dev alias Ullas Prabhakar and his wife.
While granting the prayer to the investors, the court, however, refused to direct the Income Tax Department not to release amount of Rs 17 crore seized by it during a raid at the premises of the accused in 2011 till the execution of the court`s decree.
"I’m of the considered opinion that the plaintiffs (investors) have established their case against the defendants (StockGuru owners and promoters). The suit of the plaintiffs is accordingly decreed in the sum of Rs 12 lakh against the defendants," Additional District Judge Anil Kumar Sisodia said.
"However, the relief of mandatory injunction cannot be granted to the plaintiffs for the simple reason that the Income Tax Department is required to act in accordance with the law and being an independent authority under the law, it cannot be given any directions to act in a particular way," the ADJ said and added that they are at liberty to approach IT Commissioner for redressal of their grievances.
The court`s order came on a suit initiated by seven unrelated investors Ankur Sachdeva, Mukul, Honey Kumar, Om Prakash, Savita Sharma, Kanta Sharma and Saroj Bala.
They had alleged that Lokeshwar alias Ullas Prabhakar, his wife Raksha alias Priyanka Saraswat, their representatives V K Tulsian, Sanjay Gupta and Urmila Saini had committed cheating and forgery and embezzled huge amount of money in pursuance of a criminal conspiracy.
Ullas and his wife are at present in judicial custody.
The seven investors told the court the accused had organised various conferences and meetings at various places.
The accused had also visited them personally and made representations and inducements for preparing them to invest their hard-earned money in their schemes assuring good returns, they said.
The seven investors had deposited a total of Rs 12 lakh in the company. However, after some time they discovered that the company had come under IT search operation and realised that they have been duped.
They also discovered that `StockGuru` was not registered with RBI or SEBI for dealing in finances and got an FIR registered in 2011. The accused could not be traced.
The main accused in the case, Ullhas, and Raksha J Urs, were arrested by the Economic Offences Wing (EoW) of Delhi Police on November 10 last year from Ratnagiri in Maharashtra.
They are accused of duping around two lakh investors across seven states of nearly Rs 500 crore by promising them high returns through their firm M/s StockGuru India, dealing in stocks.
Ullhas, 33, from Nagpur in Maharashtra and Raksha, 30, from Mysore, allegedly assumed 14 different identities, seven each, police said.
They had posed as doctors, investors, businessmen and ran several fraudulent firms to dupe people, police had told another court in a separate case.
Police received 14,303 complaints in Delhi but during the probe, found that there were about 2,05,062 investors who had invested Rs 10,000 or more, adding up to a total of about Rs 493 crore, in M/s StockGuru India.
A case was registered in 2010 but the duo managed to evade arrest by hiding in Moradabad, Dehradun, Alwar, Nagpur and Goa.
Several cases have been registered against them in various cities across India.