Stockguru.India allegedly dupes 2 lakh investors of over Rs1,000 crore
Moneylife Digital Team 09 April 2011

Despite the dubious modus operandi it followed, the company has escaped the regulators’ net

Stockguru.India, (SGI) a fraud company operating as a self-styled investment adviser, has allegedly duped its investors of around Rs1,000 crore. According to these investors, the company's managing director is absconding.

In December 2010, Moneylife had reported about the dubious modus operandi of Stockguru.India and advised investors to stay away from investing in the company. (This MLM openly flouts SEBI norms and offers 120% returns in a year through stock market investment!)

Going by the comments posted on consumer complaint forums, as many as 2 lakh investors have been duped of a whopping Rs1,000 crore.

One comment reads: "It's really the height of deception. Lokeshwar Dev made a lot of promises and played with more than 2 lakh families. I (had) also invested hard-earned money and even advised many of my friends … as I found it to be a very lucrative plan. As per Lokeshwar's comment, he has run away to the US and will not return until he would be out of IT department boundaries and (it will) take several years. His web site, contact numbers, top leaders contacts are out of reach, hence there is nobody to help us."

Another comment says, "Stockguru.India was a pre-planned fraud by Lokeshwar Dev Jain. In February, he had to return 100% principal amount taken by his company six months back, so he himself complained to Income-Tax authorities about surplus cash in his office. Only a handful amount of money was seized, as Lokeshwar must have withdrawn the entire amount from the company's account, which is estimated at over Rs1,000 crore, before the raid which he was expecting. He kept making a fool of everyone for the next two months, so he could escape to the US along with his family."

SGI is a multi-level marketing (MLM) company that promised 20% returns per month. The company describes itself as the country's 'Premier Financial Consultancy', offering trading solutions in equity, derivatives, currency futures, commodities trading, initial public offerings (IPOs), insurance (life/non-life), general insurance, mutual funds, portfolio management services and terminal handling, all under one roof.

The MLM company's investment plan was very simple. You pay a minimum Rs10,000 as investment and Rs1,000 as registration fees. There is no limit on the maximum amount one can invest. It offers a return of 20% per month for up to six months and the principal amount invested is returned in the next six months. It also gives post-dated cheques of the principal and a promissory note as security. In short, on an investment of Rs11,000, the company offers to pay Rs12,000 in six months and the rest Rs10,000 over the next six months, that is a total of Rs22,000 or a 120% return in a year.

Such huge returns were suspicious, given the volatility in the market, but it did manage to attract a lot of investors.

SGI is not registered with the Securities and Exchange Board of India (SEBI) as an investment adviser, but still offers to trade on behalf of clients. It also operated without any trading licence from the Reserve Bank of India and SEBI. So, will the regulators take any action against the officials of the company?

Moneylife had raised this matter earlier, but it seems that the regulators ignored the issue. Hope this time around the regulators, who keep on harping that 'they care of retail investors', will punish the fraudsters and save the investors.

Moneylife Foundation, an affiliate of Moneylife, that is a not-for-profit organisation promoting financial literacy, has always advised people not to invest in MLM companies, which are not registered with SEBI or RBI. However, people continue to fall in the trap since they promise high returns.

Comments
Nikhil verma
7 years ago
Does the victims get their money back in this case?
manoj kumar
9 years ago
Hello Sir / Madam
14th April 2014
Tees Hajari Court
Time 9:30 AM

In written do submit your complaint against (Loku) please came there n do action than will be relies ur money if no than forget


Ye Paisa hamara apna hai to wo harami ku khayee
khud ka paisa ho to sub aana agar khud ka paisa na ho to mat aana bhul jana kuki aadat hai bhul jane ki lekin hame bhulna nahi hai please

manoj kumar
9050000365
Baljeet Singh
Replied to manoj kumar comment 9 years ago
Tis Hazari Court, Delhi, Room No. 146 on 14th April 2014,,,, Call Manoj ji 09050000365 or Baljeet Singh 09999409832 for further detail, God bless
manoj kumar
9 years ago
Hello Sir / Madam
14th April 2014
Tees Hajari Court
Time 9:30 AM

In written do submit your complaint against (Loku) please came there n do action than will be relies ur money if no than forget

manoj kumar
Baljeet Singh
9 years ago
Dear All SGI victims, reach at TIS HAZARI COURT, DELHI on 14th April 2014 at room no. 146, in the court of honourable Jugde, Madam Sugandha
Baljeet Singh
9 years ago
STOCKGURU victims, come to Tis Hazari Court on 14th April 2014, I wrote about Lokeshwar Dev Jain Cheater,,, BAKRAY KI MAA KAB TAK KHAI MANAYEGI, KABHI TAU EED AYEGI,,,
Baljeet Singh
9 years ago
Dear all stochguruindia victims, I would like to tell you that cheater Lokeshwar dev Jain real name Ullhas Prabhar Khare & his cheater wife, both are in Jail & they will appear in Tis Hazari Court,Delhi at Room No. 146 on 14th April 2014, I request you all to reach at Tis Hazari Court, Delhi on 14th April 2014, room no 146, my name is Baljeet Singh, my cell number 09999409832, I invested 7 Lac & received nothing, now come & get together, Union is Strength
crmohanraj
1 decade ago

CNN-IBN in its video http://ibnlive.in.com/news/stock-guru-sc... of Nov 13, 2012 at 07:44pm asks:

"However, 24 hours after the breakthrough, some big questions remain:

- Why did the SEBI not investigate the investment firm M/S Stock Guru India earlier?

- Why did the SEBI stay quiet on Stock Guru's open promise of 20 per cent interest returns?

- Are some SEBI officers also involved in the scam?"

I went to SEBI showing forged Power of Attorneys produced by Motilal Oswal and a clear court verdict. One year and four months down the line, despite many reminders to Chairman SEBI himself, SEBI has done nothing. [Ref my article in Money Life vide http://www.moneylife.in/article/wiped-ou...]

Now,like CNN-IBN I too feel like asking :

Are SEBI officers also involved?

Mohan Raj
13 Nov 12
JITENDER SEHGAL
1 decade ago
yeh log dehradun se hame bhi 11 Lakh ka Chuna laga kar 12 Jan 2009 dehradun se bhi farrar hai.
Lokeshwar jain ka naam Dehradun mai Dr. Maheshwari tha aur saath mai inki wife bhi thi inki pics bhi hai mere pass
Baljeet Singh
Replied to JITENDER SEHGAL comment 9 years ago
Dear Jitender ji, aap inke pics facebook pe daal dijiye, bahut achha rahega :)
Baljeet Singh
Replied to JITENDER SEHGAL comment 9 years ago
Dear Jitender Sehgal ji, Namashkar, Lokeshwar Dev Jain @ Ullhas Prabhakar @ Dr. Maheshwari & his wife is having so many fake names like him, but at the end of the day, what they will do, now they are behind the BARS & looking for bail, shame on them & on her parents,
I Pray to the God for return our hard earned money, I am sure we will get our money back, God is Great,,, Baljeet singh 09999409832
manoj kumar
Replied to Baljeet Singh comment 9 years ago
Hello Sir / Madam
14th April 2014
Tees Hajari Court
Time 9:30 AM

In written do submit your complaint against (Loku) please came there n do action than will be relies ur money if no than forget

manoj kumar
9050000365
Baljeet Singh
Replied to JITENDER SEHGAL comment 9 years ago
Hello Sehgal ji, I am Baljeet Singh from New Delhi,,, I am happy to tell you that cheater Lokeshwar will appear in Tis Hazari Court, Delhi at room no.146 on 14th April 2014, reach on time please, my cell 09999409832
DEVENDRA
1 decade ago
The good news heard in aaj tak that stock guru's chairman Mr. Lokeswar Dev arrasted from Ratnagiri- Maharastra........ Now we have some hopes of returns the invested money back.....

DEVENDRA TAILOR

ANAND (GUJARAT0
Baljeet Singh
Replied to DEVENDRA comment 9 years ago
Devendra ji Namashkar, I am really happy to tell you that cheater Lokeshwar & his cheater wife Pryanka Saraswat, both are behind the bars & looking for bail, they have to appear Tis Hazari Court,Delhi, Room No. 146 on 14th April 2014, I request you to reach there & then we will ask & get our money back, if we will not follow, how we will get our hard earned money back, so pls come or send your friends who are SGI victims, my cell no. 09999409832, Baljeet Singh
DEVENDRA
1 decade ago
hyy
Veeresh Malik
1 decade ago
As per latest reports, the two people involved have been nabbed in Ratnagiri.

Baljeet Singh
Replied to Veeresh Malik comment 9 years ago
Namaste Veeresh Malik ji, you are right those 2 persons Cheater Lokeshwar @ Ullhas Prabhakar & his wife Pryanaka Saraswat, now date at Tis Hazari Court,Delhi, room number 146,on 14th April 2014,pls come if you are in Delhi or surrounding area, tell all your friends to reach there, my name is Baljeet Singh, I am from New Delhi, my mobile 9999409832
sanjeev kumar
1 decade ago
kya sir mera paisa kab milega plse help me
Manoj Kumar
1 decade ago
Mujhe b is insaan ne chunna lagaya hai isko to find karna padega hai koi mard ka baccha jo mere sath ho to main ise dund lunga agar mera saath de sakte ho to mujhe 09050000365 pe or meri email id pe sampark karoo isko to sale ko chodna ni chooooodna hai kuta sala lokeshwar dut jain plz contact to me
Baljeet Singh
Replied to Manoj Kumar comment 9 years ago
Manoj ji Namashkar,
Aaj Hamari baat hui hai phone per, cheater Lokeshwar ki date hai 14th April 2014, Tis Hazari Court me room number 146, uski cheater wife bhi ayegi, ab humko zyada se zyada sankhya me court me time per pahunchna chahiye taki hamare paise humko vaapis mile, sabko share karo ji,,,, cal me any time Baljeet Singh 09999409832
Baljeet Singh
Replied to Manoj Kumar comment 1 decade ago
Dear Manoj Bhai, Hum apkay sath hain, ye Lokeshwar Dev Jain saala kabhi tau kisi K haath zaroor ayega, sab K mehnat K paise hain, Police bhi dhoondh rahi hai uss harami ko, uski wife bhi jhoothi hai kamini ZALIL hai vo bhi,
sandeep
Replied to Manoj Kumar comment 1 decade ago
mai tumara sath mai hu. us kamina ko pakadnay mai,
Baljeet Singh
Replied to sandeep comment 9 years ago
Sandeep ji Namashkar, aap mujhe call karo 09999409832, I am Baljeet Singh,,,, agar aap pahunch sako tau zaroor aao, 14th April, Tis Hazari Court,Delhi, Room No. 146, Cheater Lokeshwar Dev Jain aur uski cheater wife Ki date hai,,,, hum log apna money vapis lena chahtay hain, mujhe call zaroor karna
Manoj Kumar
1 decade ago
SIR Stockguru.India company ka kyaa hua m bahut garib hun or bahut mehnat se pase ikkathe kiye the company bhag gyi kyaa karee hamare yahan to facility ka abhav hai kuch kar ni sakte to meri govt of india se gujarish hai ke wo is insan ko dundh ke saja de or gariboo ke pase dilwayee thankx
Sandeep khandelwal
1 decade ago
Hello Friends , Mr Lokeshwer Dav jain Friend Mr Anil pareek In jaipur. Say What We R Doing him.
Baljeet Singh
Replied to Sandeep khandelwal comment 1 decade ago
Dear Sandeep Khandelwal ji, Namashkaar,
I am Baljeet Singh from New Delhi, I lost my 7 lac with stockguru, ye sala Lokeshwar & uski wife bahul Zalil niklay, unka employee Anjum Ansari bhi Zalil tha, ye sab kuttay ki maut marengay, pata nahi kahan chhup K baithe hai ye haraami,
I request you, please get together & catch any clue, pls write me , my id [email protected] , my cell number 09999409832, thank you & God bless you
manoj
Replied to Sandeep khandelwal comment 1 decade ago
Bhai sahab jain ke dost ko pata hoga ke wo sala kutte ka pilla kahan hai
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