It was too good to be true. A couple from Ratnagiri district in Maharashtra who lured people with unbelievable investment schemes and organised lavish conferences at luxury hotels ran out luck after cheating more than 2 lakh people across the country to the tune of over Rs500 crore. Ulhas Khaire, 33, and his wife Raksha Urs, 30, were arrested by the Economic Offences Wing (EOW) of the Delhi police on Monday.
The police said the couple had multiple identities and fooled people by using as many as six fake names such as Lokeshwar Dev (Khaire) and Priyanka Dev (Urs). They are involved in several cheating, forgery and fraud cases in Maharashtra, Uttarakhand, Himachal Pradesh, Rajasthan, Madhya Pradesh and Sikkim.
Ulhas and Raksha floated an investment company called Stock Guru India and registered it in Delhi. People were lured to invest money on the promise of lucrative returns and against promissory notes provided by Lokeshwar, Priyanka and others.
“They assured a 20% return per month up to six months on the principal amount followed by a subsequent refund of the principal amount in the seventh month through prudent and source-based investments in the share market. However, Lokeshwar and Priyanka abruptly shut down their office and decamped with all the money they had collected,” the police said.
The couple also held conferences in posh hotels and distributed costly brochures to get people to invest in their company. “They were leading a very lavish lifestyle. We have recovered 12 vehicles, including a Toyota Land Cruiser, a Mercedes and a Hyundai i20. The couple also owned a bungalow in Goa,” the police said. “They also managed to get fake passports created on their fake names.”
Ulhas and Raksha have 94 bank accounts in more than 20 banks. These accounts were opened using at least 13 names and entities in Delhi and outside the capital. “The accounts as well as fixed deposits and share investments have been identified and frozen by the investigating team,” the police said.
“The Delhi police’s economic offences wing got information about the con couple’s presence in Ratnagiri following which they alerted us. We conducted a joint operation and nabbed the couple,” Sukhwinder Singh, inspector general of police, Konkan range, told DNA.
Ulhas and Raksha are in custody of the Delhi police. The husband and wife will be handed over to the police from other states for further investigation and recovery of the fraud money after the Delhi police investigates the offences against them.