Mumbai: On April 1 last year, Stock Guru’s promoter Ulhas Prabhakar Khaire, alias Lokeshwar Dev, issued a public notice through newspapers, threatening their investors and also advising them to recover their investments from the income tax department.
The notice read (verbatim): “If you file criminal case against us, then also you need to come in front of income tax department as party, as you will have to make statement in police station… that statement will be used to file a case against you in income tax department for evading taxes in case you have not shown the amount in your income tax files last year.”
It went on to warn investors that they should not think they can get away with the IT department, which it said was “very clever” and would open investors’ tax return files for six years and proceed against them. “They have all the records of all the business associates… they have also raided our software vendor, and under government obligation, he has given (investors’) details and records to the IT department.
“Please make the IT department a party in any of your case, as they have your money and not us. So make them party to recover your money as… I have nothing left with me.”
The Times of India, November 14, 2012