DS Kulkarni, also known as DSK, has become a household name in the city for his rags-to-riches journey.
Troubles for Pune based real estate developer DS Kulkarni who is facing financial crunch seem to be far from getting over. While hundreds of investors are queuing up at Kulkarni's office every day to get their money back, the BJP MP Kirit Somaiya now has written a letter to Maharashtra Chief Minister Devendra Fadnavis demanding an inquiry in the alleged financial irregularities in DSK company.
DS Kulkarni, also known as DSK, has become a household name in the city for his rags-to-riches journey. DSK, who once sold delivered newspaper and milk, became a chairman and managing director of multi crore group that deals with not only real estate but also automobile.
However, from last few months, he has been facing financial crunch after his business has gone down. Some DSK group employees have claimed that the employees provident fund deducted from their salaries have not been deposited in the EPF account. Some employees have also claimed that they have not got their salaries from last few months.
Apart from that, there are thousands of people who have deposited money with DSK as fixed deposits with the interest rate at around 14 per cent. However, hundreds of such investors are queuing up at DSK's office in Pune to get their money back, but so far no one has got any amount.
Now, Kirit Somalya has taken up the issue and he has written a letter to the CM, additional central provident fund commissioner RK Singh, and Secretary of ministry of corporate affairs Tapan Ray, demanding an inquiry in the alleged financial irregularities in DSK group.
Speaking to DNA, Somaiya said, "I inquired about the financial situation of the group after few investors with the DSK group had approached me. I have found a number of financial irregularities by the businessman."
"Even DSK employees are being cheated by him. The provident fund commissioner has reconfirmed that the money which DSK deducted from the salaries of his employees have not been deposited in EPF account. Therefore I have demanded a thorough inquiry into DSK's financial irregularities," Somaiya added.
Meanwhile, a group of around 150 investors have approached police with a complaint application against DSK. Nitish Kulkarni, one of the investors said, "There are around 8,000 people who have invested around Rs 485 crore with DSK and none of them have got their money back. Therefore, we have given the police complaint against Kulkarni."
Senior police inspector Prabhakar Shinde, in charge of Shivajinagar police station said, "We have got the complaint application against Kulkarni. Before registering the same, I will be facilitating a meeting between Kulkarni and the investors to see if some solution can be found."
Meanwhile, replying to all the allegations and questions, Kulkarni said, "People have been investing with DSK group since 1980, and since then they all were getting regular returns. The financial crunch started from October 2016. The real estate market has gone down. It was then that Demonetisation was announced, which added to the cash crunch. Currently, out of the 21 construction sites, 13 are stopped. We are working on various areas to find out solution to raise finances. I am assuring each and every investor that none of them will lose any money."
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