Ullhas Prabhakar, prime accused in the multi-crore 'StockGuru' scam case, and his wife have been denied bail by a Delhi court which said giving them the relief will send a wrong signal to society as others might be tempted to use unfair means for making huge money.
Chief Metropolitan Magistrate Ajay Pandey dismissed the pleas of Ullhas and his wife Raksha J Urs saying the victims who were duped of Rs 144 crore have already been identified and there might be many others.
"The persons having the monetary resources are considered at an upper status/level of the society. Sometimes these persons are considered as icons for the rest of the society and normal people.
"The uninterrupted rise of some people by ill-gotten money may raise a temptation in the minds of other people to use unfair means for their monetary gains," the court said and agreed with senior public prosecutor Pramod Kumar Dubey that grant of bail to any of the accused at this stage may send wrong signals in the society.
Ullhas and Raksha, currently in judicial custody, were arrested by the Economic Offences Wing (EoW) of Delhi Police on November 10 last year from Ratnagiri in Maharashtra.
They are accused of duping around two lakh investors across seven states of nearly Rs 500 crore by promising them high returns through their firm M/s StockGuru India, dealing in stocks.
The court had earlier also dismissed the bail plea of Ullhas's alleged agent Naresh Kumar alias Naresh Kharb.
Kharb, who was arrested in May, was named in the charge sheet for offences of forgery, criminal conspiracy, criminal breach of trust under the IPC and Section 3, 4 and 5 of Prize Chit and Money Circulation (Banning) Act.
