Stock Guru scamster to be taken to Goa

PTI, NEW DELHI | 16 November 2012 21:24 IST

The police custody of Ullas Prabhakar, an accused in the multicrore Stock Guru scam case, was today extended by a court here after Delhi Police said he has to be taken to Goa, Mumbai and Ratnagiri to recover documents, hard disks and other evidence.

Additional Chief Metropolitan Magistrate Pulastya Pramachala extended Ullas' police custody till November 24 while his wife and co-accused Raksha alias Priyanka was remanded in judicial custody till November 30.

While remanding Raksha in judicial custody, the court allowed her to take along her eight-month-old daughter in jail keeping in view the "peculiar age" of the child and her "requirement of care to be taken by the mother."

The duo were produced before the court by the Economic Offences Wing (EoW) of Delhi Police.

The Investigating Officer of the case, Inspector Raj Kumar told the court that Ullas has to be taken to Mumbai, Goa and Ratnagiri to recover various property-related documents, bank accounts, laptops, hard disk containing information about the investors, wrist watches and other evidence at his instance.

He also told the court that the arrested couple was produced before a magisterial court on November 11, which granted Ullas' police custody till November 21 but since he has to be taken to various places and travelling would consume a lot of time, the custody needed to be further extended.

"From the case of the prosecution, it is revealed that the charges against accused persons are in respect of fraud pertaining to large number of investors.

"In these circumstances, keeping in view the distance of the places sought to be visited by the IO along with the accused for purpose of making recoveries in this case, accused Ulhas Prabhakar is remanded in police custody up to November 24," the court said.

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Harshad Mehta Scam,  Fodder Scam, IT Scam, Food Scam, CWG Scam, 2G Scam, Telgi,Scam, Coal Scam and now Stock Guru Scam...

India  is well known for its scams.

The greedy individual in the pursuit of get quick rich innovates various schemes to dupe the investors.

Right from 1991,broker Harshad Mehta who robbed the banks for Rs. 4000 crores. He lived in palatial 15000 sqft house, with swimming pool plus scores of high end luxury cars. There were hundreds of cases registered against him. It took years to convict him.

Then there was famous " GHUS " Fodder scam that came to light in 1996. Famous Lalu Yadav, the then CM OF BIHAR over stated livestock numbers and looted around 1000 crores. No outcome.

The stunning scam was of the Telgi fake paper scam in 2003.  The fake stamp paper printing cost the Government around 30,000 crores. It took years to convict him and send behind the bars.

Then again the famous IT scam of rs.8000 crores. It was the scam of the decade in the year 2009 in Andhra and was by Ramalinga Raju of Satyam Computers . Raju misappropriated financial figures and books to inflate the figures to avoid being taken over.

The claimax of scams of the scams was in the year 2010. The one was by A Raja of rs. 68000 crores towards faulty allocation of 2G spectrum cost.  A. Raja, the Telecom minister then, was involved in the dubious 2G license awards in 2008. It also took years to convict the culprit.

 The recent mother of all the scams in India was by Kalmadi estimated the tune of rs. 70000 crores. The great common wealth games scam. There were that Lot of payment discrepancies  to non-existent parties, price inflation in equipments and misappropriation of funds. Kalmadi is now free to do what he wants.

Scamsters are shrewd and smart business men.  They create complex system to trap the gullible investors  into their web. The scam by Ullhas Prabhakar, the so called stock guru is the latest one. The  amount looted is yet to be probed. Be it in India or in any part  of the world, the Scams do take place. The crooks will swindle the innocent ones. Until and unless there are gullible investors there will be scamsters and scams. The one and only solution is quick judicial process.  In India, The Judicial process of punishing the culprit is lengthy. It needs to be quickened and smartened.  We need a fair, strong and punitive system to curb this menace. 

Remember the recent case of Mr.Rajat Gupta in USA? He was tried and convicted within a short span of months. We have lot to learn from this case. In India the similar case would have taken years to conclude. And hence the crop of rampant Scams. If this continues unabated, then,the days are not far for India to be known as the Country of Super Scams!

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- Ratikant, UAE | 17 th November 2012 23:57

 

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