Depositors Express Anguish Even as DSK gets Reprieve until 13th February
Moneylife Digital Team 05 February 2018
Hundreds of investors and depositors have decided to approach the Supreme Court against DSK Group, its chief Deepak Sakharam (DS) Kulkarni, and his wife Hemanti for cheating and not refunding their money invested in the Group’s fixed deposit (FD) schemes. These investors and depositors gathered at weekly Right to Information (RTI) Katta organised by activist Vijay Kumbhar, also decided to follow up with appropriate authorities to auction properties of DSK and use that proceeds for refunding FD holders. But the man behind their misery, DSK and his wife got another reprieve from the Bombay High Court, which extended his protection from arrest until 13th February. The HC, however, has directed DSK to be present before the Investigating Officer every day for four hours from 7 February 2018. Citing technical reasons in obtaining funds from a foreign company, DSK also got some relief from depositing Rs50 crore.
 
 
Meanwhile, at the RTI Katta on Sunday, Activist Vijay Kumbhar, who has been leading the fight to get depositors money back from DSK group on Sunday tried to formulate a strategy to help campaign for stringent action, even as some investors are frustrated at the DSK’s skillful dodging of responsibility. Many of the depositors are senior citizens who had invested their life saving in various schemes offered by DSK. Some investors said how they are forced to sell household items to buy ration and medicines as they had exhausted all their savings now.
 
 
During the meeting, Mr Kumbhar shared all developments related with DSK case, in Courts. He said, "In case properties of DSK are indeed auctioned, banks will claim first right on the proceeds and investors and depositors may not get anything.”
 
 
Several investors and depositors, then said since banks have given exorbitant loans to DSK bypassing rules, banks should recover the money from those officials who have sanctioned such loans. For this, they agree to do a follow up with appropriate authorities.    
 
During previous hearing, Dilip Arvind Prabhune, representing Singapore-based Prabhune Internationals Pte Ltd (PIPL) had filed an affidavit before the Bombay High Court. In the affidavit, Prabhune had stated, "...the wire transfer details have been confirmed by OCBC Bank via E-mail dated 24 January 2018, bearing the specific Money Transfer No.MT 103."
 
He also contended that the amounts have been transferred from a foreign bank based at Singapore. The process of clearance from Reserve Bank of India (RBI) would take three days for actual realisation of funds, which can then be utilised by the investigating agency for satisfying the credit of the investors, the Court was told on 25 January 2018.
 
DSK also filed an affidavit before the court in which he accepted responsibility of seeing to it that the amount of Rs50 crore is deposited in Bank of Baroda by 1 February 2018. Following the submissions, the HC decided to continue its interim relief from arrest granted to DSK and his wife Hemanti till 5 February 2018. 
 
During a hearing on 22 January 2018, the Bombay High Court was informed that PIPL is sending $8 million to DSK Group. "Since investigation agencies have frozen our bank accounts, we are finding it difficult to deposit the money as directed by the court. However, DSK Group is receiving $8 million from Prabhune International in its account in Bank of Baroda. The amount would be received in two tranches of $4 million each and it will take 72 hours for this amount to be credited in DSK's bank accounts," senior advocate Ashok Mundargi, representing DSK, had told the bench of justice Sadhana Jadhav. The court had then granted another chance to the Kulkarnis.
 
 
 
Comments
vinay
3 years ago
This is what is wrong with the so called activists and even the courts.
The court is asking him to deposit money, but has freezed his accounts and also not allowing to sell property. So where is he going to get the money from?
OF the more than 8k depositors, only few are protesting. Looks like the media and some vested interests are fueling these protests. He will give back everyones money, 1000% sure about him. Media should stop being the judiciary and polluting the minds of investors to bake their own bread and TRP's. Court should allow a CA to oversee his accounts, unfreeze his accounts and allow him to sell the properties and deposit the money in court designated accounts. The solution is simple if patience & logic are applied. Let honest businessmen carry out work, many ppl's livelihood also gets affected.
sid88
3 years ago
This is EXACTLY what is wrong with the judiciary. These suited thugs time and again exploiting every possible avenue citing one frivolous reason or the other. End of day who suffers? The FD holders investors etc, getting frustrated with these verdicts and extensions while the accused is probably drinking and laughing away with the lawyers. I REFUSE to believe he has the intention of paying back, as some supporters claim, if he did he'd have gone out of his way, toiled day and night to make arrangements for refunds or returns.before you judge me, Ive personally witnessed their attitude towards investors closely and can attest to this fact, the sheer amount of lies they spewed out with a sense of a entitlement as if they're doing a favor by appearing in front disgruntled customers. Its funny how the court itself cries and justifies such extensions citing "how will he pay if he's in jail,no one will get anything back" boohoohoo..blah blah blah. Now what if some small but legal money lending enterprise or an upcoming real estate firm does the same and asks for bail? Immediate arrest, remote possibility for bail, license revoked and ALL properties sealed and auctioned off, and high handed attitude by cops. Sad state of affairs.
Sandesh Kamble
3 years ago
https://www.loksatta.com/maharashtra-news/builder-d-s-kulkarni-meet-ncp-leaders-in-mumbai-dhananjay-munde-ajit-pawar-1627549/
See the latest update. He has met NCP leaders.
ramchandran vishwanathan
3 years ago
Its high time the fraudsters are punished in a time abound manner . Our Government has failed in booking the corrupt. We only hear news of ED sending notices. Its high time our courts act & put the guilty behind bars
viji
Replied to ramchandran vishwanathan comment 3 years ago
Yes they should be arrested and police/court should auction their properties and pay us back.
Ezeelok
Replied to ramchandran vishwanathan comment 3 years ago
Kulkarnis are crooks of highest order and Judiciary is being kind to them and giving Relief with Tarikh-Pe-Tarikh. It's high time CBI took over the case.
vinay
Replied to Ezeelok comment 3 years ago
your logic is twisted.
V Ramesh
3 years ago
I presume that DSK took investors for a ride. So did so many others. Why are you so obsessed with this one company? Is there a personal stake or vendetta?
vinay
Replied to V Ramesh comment 3 years ago
dsk are honest businessman, its only a matter of timing. I'm 1000% sure everyone will get their money back. unfreeze his accounts and let him sell the property and deposit the proceeds in court appointed accounts and stop the witch hunt.
viji
Replied to V Ramesh comment 3 years ago
Yes i have a personal stake my money is blocked while this rogue family is living in luxury, they must be arrested and punished severely, made to go hungry as they have done to others who trusted them.
Ezeelok
Replied to V Ramesh comment 3 years ago
They have Cheated Investors , Shareholders , Banks , Friends , Relatives & now Courts who for strange reasons are very kind yo these Fraudsters. This is a rape of justice to Victims & suffering investors who are struggling to survive with no income . Crook Deepak & Hemanti Kulkarni are Sweet Tongue White Collar Criminals whoa have Cheated one & all. Kulkarnis continue to live lavish life at the cost of victims. May God punish them soon.
Meenal Mamdani
Replied to V Ramesh comment 3 years ago
I don't see why one should be accused of a personal reason for pursuing punishment for fraud.
Remember that MLFoundation is based in Maharashtra and the depositors live in the state.
Should we accuse you of being in cahoots with DSK for making this allegation? That would not be right as you may have your own reasons for springing to DSK's defence.
Yes, there are many fraudsters. Just because all the others are not being held to account does not mean that DSK should be allowed to escape the wrath of investors.
As it is, it seems that the court is bending over backwards to give DSK enough time to produce the funds that he claims are due to him from outside India.
One should sympathize with the middle class Maharashtrian depositors who fell for the hype of DSK and banked on the "Marathi Manoos" being totally trustworthy.
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