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.