An order for the attachment of over INR 100 crore worth of assets and properties of the accused perpetrators and associates in the multi crore Stock Guru Scam on the charges of laundering money was passed by a special court.
Among the frozen assets, there were 71 accounts in banks, many properties in cities like Delhi, Greater Noida (Uttar Pradesh), Goa and Ratnagiri (Maharashtra), life insurance policies, demand drafts and commodity trading funds. The fixed deposits were in the name of Ullas Prabhakar Khaire alias Lokeswar Dev, the main culprit in the case and his wife Priyanka Saraswati alias Raksha J Urs, their accused associates and the firms they have used for their business.
The Enforcement Directorate (ED) had frozen the assets last year under the Provisions of the Prevention of Money Laundering Act after a criminal case was filed taking recognition of the 2011 Delhi Police FIR that was made on the compliant of misguided investors.
The court said that the investigations conducted by the ED and the recorded statements and also on careful evaluation of the arguments on behalf of the compliant(ED) and defendants (Khaire), it is concluded that the offences were made by the defendants and they have also generated proceeds of crime and also laundered them.
In a complaint by the agency to the special anti laundering court stated that Stock Guru have collected money from the investors, guaranteeing them with hefty returns, but it was not utilized by them for investing in stock markets or any other commodity of trading.
Instead, they have distributed the money to their business partners for their own personal benefits along with their accomplices.
According to the compliant, the Delhi Police have already received about 15,000 complaints from the cheated and misguided investors of Stock Guru and then the case was handed over to the Special Economic Offences in Wing in 2012.