Two arrested for Rs 500 crore fraud: Delhi Police

NEW DELHI: A married couple has been arrested in Maharashtra in connection with what is believed to be one of the biggest frauds in the country after they cheated two lakh people of Rs 500 crore, police said here on Monday.

Ulhas Prabhakar Khaire, 33 and his wife Raksha J Urs, 30 were arrested in Ratnagiri last week.

"They duped the people, posing under the fake names as Lokeshwar Dev and Priyanka Saraswat Dev, on pretext of investment in their company 'Stock Guru India' situated at (west) Delhi's Rama Road on the promise of lucrative returns and against promissory notes provided by the accused and others," joint commissioner of police (Economic Offences Wing) Sandeep Goel said.

The fraud is worth approximately Rs 500 crore and two lakh people were cheated across the country, he said.

The couple was also involved in several other cases of cheating, forgery and fraud registered in Uttarakhand, Himachal Pradesh, Rajasthan, Madhya Pradesh, Sikkim and Maharashtra, Goel said.