Stock Guru scam: Key aide held
A 40-year-old man was arrested for his alleged involvement in the Rs 500-crore Stock Guru scam.
The accused, Naresh Kumar, a property dealer who also dabbled in stock market, was allegedly a key aide of Ulhas Prabhakar Khaire and his wife Raksha, who were arrested earlier, and used to head the operations of Stock Guru in Maharashtra, Rajasthan, Punjab and Delhi, police said.
Joint Commissioner of Police (EOW) Sandeep Goel said Kumar was an important player in the MLM networking operation in the scam that had duped around 2 lakh people of around Rs 500 crore.
Naresh took the contract of installing electric meters in Najafgarh area from Delhi Electric Supply Undertaking (DESU). He allegedly cheated DESU during the contract and the trial is pending in a Dwarka court, police said. He also worked as agent in a company of Anand Group dealing in selling of land near Jaipur in 2009.
"Investigation revealed that he induced and motivated more than 50,000 investors and earned crores of rupees. He also appointed several sub-agents in Delhi, Maharashtra, Rajasthan and Punjab. Through seminars and conferences, he lured investors at large throughout Delhi, Maharashtra, Rajasthan and Punjab," Goel said.
It was also found that the Income Tax department had conducted raids at his residence in January 2011 and seized Rs 4.88 crore in cash from his residence and he accepted that the seized money belonged to the victims of the fraud scheme, police said.
"Naresh had been on the run since the incident. He purchased a 12-acre plot near Indore from the money he collected from investors. He has also invested around Rs 1 crore in Forex trading," Goel said.