A 40-year-old property dealer, allegedly involved in the Rs 500 crore stock guru scam, was arrested in the national capital, police said today.
Naresh Kumar alias Naresh Kharab, a property dealer who also dabbled in stock market, was apprehended here on May 6, Joint Commissioner of Police
(EoW) Sandeep Goel said.
The man, a post graduate in Sociology, was allegedly a key aide of Ulhas Prabhakar Khaire and his wife
Raksha, who were arrested earlier, and heading M/s Stock Guru India operations in
Maharashtra, Rajasthan, Punjab and Delhi.
"He was an important player in the MLM networking operation and had allured thousands of victims. They allegedly cheated around two lakh people of Rs 500
crore," Goel said.
The arrests in the case came following investigations into a complaint filed by two persons who fell victim after being induced to invest money in M/s Stock Guru India on the promise of lucrative returns.
"They had guaranteed to provide a 20 per cent 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, instead of returning their investments as promised, the accused suddenly shut down their office and decamped with all the collected funds. Their scheme to induce public at large was quite elaborate with conferences and seminars in 5 star hotels all over India. They also had multiple agents across the country who mobilised funds," Goel said.
The promoters and agents have been absconding since registration of case against them.
Naresh, who did MA in Sociology from MD University of Rohtak, started property dealing after he did not get a job. He also took contract of installing electric meters in Najafgarh area from Delhi Electric Supply Undertaking
"However, he allegedly cheated DESU during the said contract. The same is pending trial in Dwarka court," Goel said.
In 2009, Naresh worked as agent in a company of Anand Group which deals in selling of plots of land near
Jaipur. The next year he joined Stock Guru India as relationship manager.
"He was close to Khaire and became the head of Maharashtra, Rajasthan and Punjab. He also became main agent of Delhi. So far, investigation reveals that he induced and motivated over 50,000 victim investors and earned crores of rupees.
"He also made several sub-agents in Delhi, Maharashtra, Rajasthan and Punjab. Through seminars, conferences and word- of-mouth publicity he used to trap people in Delhi, Punjab, Maharashtra and Rajasthan to invest in the company," Goel said.
Income Tax department had conducted raids at his residence in January 2011 and seized about Rs 4.88 crore in cash from his residence.
"He accepted that the seized money was of victims from whom he had taken as deposit on behalf of the Stock Guru," Goel said.
After the scam came to light, Naresh has been absconding. He stayed in Jind,
Panipat, Jaipur, Mumbai, Bangalore and Indore.
He also purchased a 12 acre plot near Indore from the money he collected from investors. He has also invested about Rs one crore in Forex trading, Goel said.
"The accused has also disclosed that he made so much money at that time that he gave his white Mercedes car to Khaire on his birthday just to please him. This car has already been seized during investigation," he said.