‘Stock Guru’ scam: After 10 years in custody, Ulhas Khaire granted bail - The Indian Express

Having spent 10 years in custody for allegedly cheating over 2,000 people in the 'stock guru' scam, the main accused Ulhas Khaire has been granted bail, with a Delhi court taking note of the time he has spent in jail.

Khaire has been in judicial custody since November 10, 2012. He has been accused of inducing investors to invest their money in M/s Stock Guru by making false assurances. The investigators had alleged that Khaire and his wife duped investors to the tune of Rs 11,00 crore by travelling across the country and attending seminars to induce their victims.

They were booked under several criminal cases across several states, and lived under false identities by purchasing 13 properties.

Khaire's lawyers sought bail under Section 436A of the CrPC, which mandates that an undertrial prisoner who has spent half the maximum period of imprisonment shall be released. The court observed that the objective of this provision was to ensure the implementation of the cardinal principle that bail is the rule and jail is an exception.

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The court said that the charges have already been framed against the accused persons and there is no prospect that the trial will be concluded in the near future as more than 2,000 witnesses have been cited by the prosecution.

It also noted that the maximum punishment that Khaire can be sentenced to was life imprisonment, and that he has been in custody for 10 years now.

The accused has been asked to furnish a personal bail bond of Rs 10 lakh. Khaire has also been asked by the court to join the trial when directed and not contact witnesses or leave the country.

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The complainant, Sunil Kumar, had alleged that Khaire had taken over Rs 1 crore on false assurances of multiplying his money, and then started avoiding him, following which a case was registered at Moti Nagar police station in 2011.