Court allows investors to recover `12 lakhs
A city court has allowed seven victims of the multicrore StockGuru scam to recover `12 lakhs from the fraudulent company StockGuru India and its founders Lokeshwar Dev, alias Ullas Prabhakar, and his wife.
“I am of the considered opinion that the plaintiffs (investors) have established their case against the defendants (StockGuru owners and promoters). The suit of the plaintiffs is accordingly decreed in the sum of `12 lakhs against the defendants,” additional district judge Anil Kumar Sisodia said.
However, the court refused to direct the income tax department not to release `17 crores seized by it during a raid at the premises of the accused in 2011 till the execution of the court’s decree.
“However, the relief of mandatory injunction cannot be granted to the plaintiffs for the simple reason that the income tax department is required to act in accordance with the law and being an independent authority under the law, it cannot be given any directions to act in a particular way,” the ADJ said and added that they are at liberty to approach I-T commissioner for redressal of their grievances.
The court’s order came on a suit initiated by seven unrelated investors Ankur Sachdeva, Mukul, Honey Kumar, Om Prakash, Savita Sharma, Kanta Sharma and Saroj Bala.
They had alleged that Lokeshwar, alias Ullas Prabhakar, his wife Raksha, alias Priyanka Saraswat, their representatives V.K. Tulsian, Sanjay Gupta and Urmila Saini had committed cheating and forgery and embezzled huge amount of money in pursuance of a criminal conspiracy.
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