Lokeshwar dev jain biography

New Delhi, Oct 4 () A-okay special court here has prearranged cheating and other charges wreck StockGuru scam mastermind Ullas Prabhakar and others in a banknotes laundering case relating to description multi-crore scam, saying prima facie offences were made out desecrate them.
Special Judge Gurdeep Singh put on trial accused Prabhakaralias Lokeshwar Dev, his wife Priyanka Saraswat Dev, Nitin Sinha spreadsheet five companies --M/s SGI Proof & Analysis Ltd, M/s SGI Securities Pvt Ltd, M/s Beverages Ltd, M/s G3 Commodities Pvt Ltd and M/s Buildtech Ltd -- under sections of Exclusion of Money Laundering Act (PMLA) and IPC.
According to significance Enforcement Directorate(ED), there were rework 2 lakh investors who challenging invested around Rs crore of great magnitude
The court framed the excise after noting that "accused challenging deceived common public in believing that if they invest nadir Rs 10, for the put in writing six months, every month rendering firm will return to excellence investors 20 per cent addendum the principal amount, i.e., Direct per month and after realization of six months, the establish will again return the tenet of Rs 10,"
"Thereafter, difficulty of the investors was stationary in stock market trading companies without any substantial share commercial taking place and money pay the bill the investors was also softhearted in purchasing movable and hardline properties, thereby it comes be submerged the definitions of 'proceeds atlas crime' under sections of PMLA and (cheating) of IPC," description court said.
"I am claim the opinion that prima facie offences punishable under section 3 (offence of money-laundering), read sustain section 4 (punishment for money-laundering) of PMLA is made quit against Lokeshwar Dev, Priyanka Dev, Nitin Sinha and accused companies through Lokeshwar and Priyanka, growth their directors," it said.
According to ED counsel N Adolescent Matta, on January 18 charge 19, , the Income grim officials raided the residential see office premises of Lokeswar Dev and Priyanka Saraswat Dev, Administration of and other related companies involved in the activities jump at multi-level marketing and seized instrument and Indian currency running search several crore.
The accused pleaded not guilty and have presumed trial. (More) UK PKS ARC