Ulhas Prabhakar Khaire and his wife Raksha J. Urs, who were arrested about a month ago for allegedly cheating over two lakh investors of Rs.500 crore on false promises of lucrative returns, have now been booked by the Economic Offences Wing of the Delhi Police along with two others for obtaining their passports allegedly through fraudulent means and misrepresentation of facts. The couple, who were arrested about a month ago, are presently in judicial custody.

These revelations were made during the probe into two of the cases registered against Stock Guru India being run by one Lokeshwar Dev and his wife Priyanka, the aliases purportedly used by Ulhas and his wife to evade detection. Both the cases were registered at the Moti Nagar police station in West Delhi in April and June last year. The couple had lured people into investing huge sums of money with their company by promising them a 20 per cent return per month and full refund of the principal amount after seventh months.

The first case has been registered on the complaint of one Sunil Kumar, a resident of Sonepat in Haryana working as a development officer with the Life Insurance Corporation.

The victim had invested Rs.15 lakh in the company at the instance of “Lokeshwar Dev”, hoping for good returns. However, he neither got any monthly return nor his principal amount.

The other case was lodged by another resident of Haryana who was duped of Rs.1.6 crore by the same person on the pretext of investment. The victim had made the payments through cheque and demand draft, against which he was given promissory notes and cheques purportedly signed by the accused in the name of Lokeshwar Dev. The complainant also cited four other cases of cheating by Lokeshwar who later turned out to be Ulhas.

Investigation into these cases revealed that Ulhas had obtained a passport in the name of Lokeshwar Dev, shown as a resident of IRCON Apartments in Sector 18A of Dwarka. Another passport was issued to his wife in the name of Priyanka Saraswat Dev in October 2010. The accused also got passports issued for his daughters in the name of Gungun Dev and Gunjan. “He has three daughters, the eldest being five years of age,” said a police officer. After being arrested at Ratnagiri in Maharashtra, the accused told the interrogators that he had got the passports made in connivance with Sumit Sachar and Ashish Sharma, both partners in Global Destination Management having its office in Sector 14 of Rohini. Although the two have been named in the latest First Information Report, they are yet to be arrested. Based on the findings, the police have registered the case against the four persons under the relevant provisions of the Indian Penal Code and the Passport Act.

The police have so far made huge recoveries in the cases against Ulhas and his wife, who they suspect were operating since last year and had expanded their operations in different States in a short duration. They have also identified nearly 100 bank accounts, including 40 in Ratnagiri, allegedly operated by the couple.