Stock guru scam: CBI searches premises of I-T official

A team of CBI officials searched the residential premises of Yogendra Mittal, an IRS officer of 2006 batch, at Kaushambi, Ghaziabad as well as his office today, CBI sources said here.

The action came after registration of a case against the officer on the allegation that searches led by him in connection with the Stock Guru scam were not carried out with complete honesty and were aimed at extracting illegal gratification, they said.

The I-T department had carried out searches at various places during the probe of the scam which was also investigated by Delhi Police, they said.

The Stock Guru scam involves Ulhas Prabhakar Khaire and his wife Raksha who were arrested last year by Delhi Police from Maharashtra for allegedly duping around two lakh investors from seven states of nearly Rs 493 crore by promising them high returns on their investment through their firm Stock Guru dealing in share market.

After Delhi Police's Economic Offences Wing exposed the scam, Income Tax department and Enforcement Directorate also joined the probe.

The couple had had floated Stock Guru India in 2010 under false identity of Loskeshwar Dev and Priyanka Saraswat Dev.

They lured several people to invest in the firm promising them highly lucrative returns of 20 per cent per month up to six months on the principal amount followed by a subsequent refund of the principal amount in the seventh month, through prudent and source based investments in the share market.