5-Years Jail To StockGuru India Mastermind Lokeshwar Dev, Priyanka For Duping Investors

Bhopal (Madhya Pradesh): The Bhopal District and Sessions Court on Friday convicted StockGuru India mastermind Lokeshwar Dev Jain and Priyanka Saraswat and sentenced them to five years of imprisonment for duping investors. Special judge (EOW) Manoj Singh has passed the order.

According to special prosecution officer Ram Kumar Khatri, the complainant reported a complaint of fraud to the Economic Offense Wing (EOW) in 2012. People invested when they were told that they will get 20 per cent return every month on the money they will invest. After six months, they will be returned the entire principal amount.

Couple Defrauded Investors

According to complainants, they were given return at rate of 20 per cent initially after deducting TDS. This was stopped later. The principal amount was not returned. EOW had registered a case under Section 420 of IPC. The accused couple defrauded people mostly from Delhi, Bhopal, Dehradun, Jaipur, Sikkim among other through chit fund offices. They had also opened regional offices in those places.

People were lured into the scam by asking them to invest money. In return, they were offered 20% interest every month. Every time they duped people, the accused changed their names.