DSK Group cheating case: High Court tells police to recover investors’ money first

Kulkarni, wife ordered to record statement with EOW

The Bombay High Court Monday heard the investors present before the court and told them that if Deepak Kulkarni and his wife Hemanti of DSK group are sent behind the bars then investors may not get their money back. Kulkarni and his wife have allegedly cheated 2,774 investors to the tune of Rs 200 crore. Senior counsel Ashok Mundargi, appearing for DSK, informed the court that the wire transfer of Rs 50 crore done earlier has not fructified as the OCBC bank of Singapore had asked for additional documents. An affidavit filed earlier by Dilip Arvind Parbhune, the managing director of a sister concern of DSK group, gave details of the wire transfer confirmed by the OCBC Bank of Singapore, and said the money would be realised after three days, the normal time taken for clearance by Reserve Bank of India for such transfers from abroad.

Justice SS Jadhav asked Mundergi, “What document is needed?” to which he said the audit report. Mundergi said he is instead giving a list of four properties of Kulkarni worth Rs 45-50 crore, which can be immediately auctioned and that Kulkarni will fully cooperate. The Additional Public Prosecutor appearing for Economic Offences wing (EOW) requested the court for Kulkarni’s custody so that they can investigate further into the alleged siphoning of the money. Justice Jadhav said, “First recover it. How long will you put him in jail?”

Justice Jadhav further said the agency will put him in jail and wait for the trial. “Once the accused is in jail, he will say that what can he do since he is in jail,” the court said. One of the investors Meghshyam Mahimkar, a senior citizen from Pune, took the witness stand and spoke in Marathi. He told court that he had invested around a lakh. Justice Jadhav explained to him that that it will take a minute for rejecting the anticipatory bail, but once he is sent to jail, it will be difficult to recover the money. “All my sympathies are with these people,” said Justice Jadhav.

The court ordered Kulkarni and his wife Hemanti to be present before the agency from February 7 to 11 to record their statements. The court also ordered Kulkarni and his wife to be present before the court on February 13, the day the agency (EOW) has been asked to give its report.

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