Whether you are a sophisticated investor who got taken in by Bernie Madoff‘s multi-billion dollar Ponzi scam or you are an illiterate who got taken in by Madi Ashok Jadeja‘s claims that he was blessed by Mata Sikotar and had divine powers to treble your money, the one thing is common is your greed to make a fast buck
Well, the latest scam is the “Stocks Guru” scam run by two enterprising scamsters known as Ulhas Prabhakar Khaire, 33, and his wife Raksha J Urs, 30. These individuals are supposedly masters of disguise and are also know by the names of Lokeshwar Dev Jain and Priyanka Dev Jain.
The modus operandi was childishly simple. Lokeshwar Dev Jain and Priyanka Dev Jain set up a company by the name of “Stock Guru India” and promised to double investors’ money in six months. They launched a high-profile promotional campaign with celebrities endorsing the product.
Well, that’s all that was required for 2 lakh people to entrust a mind-boggling Rs. 1,100 crores with Stock Guru India.
If you listen to the youtube videos of Lokeshwar Dev Jain and Priyanka Dev Jain, you will be impressed by their air of sincerity and earnestness. These people are so honest, they can do no wrong, you will feel.
If investors are so naive to entrust such gigantic sums of money to people who came from nowhere, can you blame Lokeshwar Dev Jain and Priyanka Dev Jain from taking advantage of their naivety? They absconded overnight with the money and left investors high and dry.
On Monday, Lokeshwar Dev Jain and Priyanka Dev Jain were arrested were arrested by the Police.
What are the odd that investors will get their money back? Zero!
If Lokeshwar Dev Jain and Priyanka Dev Jain have any sense (they surely have more than the investors who entrusted the money with them), they will have stashed away the money in foreign countries and in benami names. Tracking that money and recovering it is next to impossible.
Do you remember the Suman Motels scam when Surendar Khandahar and Bharati Khandahar collected hundreds of crores and disappeared. Well, several years have passed but Surendar Khandahar and Bharati Khandahar are still enjoying their ill-gotten gains while the case drags on and crawls in Court. Even the great Ashok Jadeja scam is all but forgotten.