Guru Con, who cheated investors

Nov 18 2012, 11:34 IST
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Ulhas Khaire in his many disguises Ulhas Khaire in his many disguises
SummaryUlhas and Raksha Khaire, who cheated investors of about Rs 500 crore, left a trail of fraud and deception across the country, living it up and buying assets worth crores

They holidayed in Mauritius, Macau and Bangkok and sometimes also took their clients along. Sunil Kumar, on whose complaint a case was registered against them in Delhi, says, “I never met the couple. I was in touch with their staff, who were really impressive in the way they spoke and dressed up.”

Ankur Sachdeva, who had invested Rs 12 lakh in the firm, says he had received a number of texts from the company asking him to deposit money and promising high returns. Gurgaon resident Sunil Singh, who invested Rs 1.6 crore in the company, had sold his ancestral land and invested his money in Stock Guru in the hope of getting a good return on his money.

The beginning

Ulhas Khaire may have struck it big in Delhi but he first tried his hand at cheating in his hometown, Nagpur. At 23, Khaire, who hadn’t even completed his graduation then, floated a company called PVK Group of Companies, promising financial schemes, including home loans, to investors. His first victim was Major Chandramohan Prataprai Virmani, who gave him a cheque for Rs 10 lakh as mortgage against a loan Khaire’s company promised him but which never materialised. Virmani later lodged a complaint of cheating.

At the Khaires’s rented family home in Chandan Nagar in Nagpur, there is no one around. Ulhas’s family—brother Vinod, mother Kamal and sister Veena—who believed he was dead, are in hiding. Ulhas’s grandfather Vitthal Khaire had retired as a deputy collector in Nagpur and father Prabhakar owned a liquor shop which shut after his death.

Landlord Prashant Paliwal says, “She (Kamal, Ulhas’s mother) has been staying here for the past two years. She left the house before Diwali. The police had come for an inquiry a few months ago. We were away that time but Kamal told us they had come to inquire about her son. She admitted he had become a big criminal, but also said he was insulted by someone when he was young and that he took to crime because of that incident.”

According to reports, Kamal is in Delhi to take custody of Ulhas and Raksha’s two daughters. The third daughter, who is just eight months old, is with Raksha.

In 2004, Ulhas left Nagpur for Pune where he started working at a call centre. He later changed jobs and worked with a finance company in Bangalore where he met Raksha Urs. The two married

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