MUMBAI
The family has been under the scanner over an alleged case of cheating investors to a whopping sum of Rs 232 crore.
The Bombay High Court on Friday, vacated its interim stay from the arrest warrant granted to Pune-based builder Deepak Sakharam Kulkarni, his wife and son. The family has been under the scanner over an alleged case of cheating investors to a whopping sum of Rs 232 crore.
Justice Sadhana Jadhav, who is hearing their plea for an anticipatory bail, asked the central and state governments to inform authorities at all major airports to not allow the accused and his family fly out of the country, and also seize their passports.
The court reprimanded Buldhana Cooperative Credit society, which had offered a loan of Rs 100 crore to the accused, without checking his credentials and property papers.
Justice Jadhav said: "Don't you know and have you not read reports about the Punjab National Bank fraud? Every day we read about huge scams in newspapers. Is it not then your duty to cross check and verify documents before granting a loan from the public money deposited in your bank ?"
The Pune Economic Offences wing had moved the court on Thursday for an early hearing, after it came to know that the properties offered as mortgage to the Buldhana Bank are already mortgaged to another bank. After going through the records, the court said the accused (Kulkarnis) had taken the judiciary "for granted" and had "not only cheated their investors, but also the court".
The Kulkarnis had moved the Bombay High Court after a Special Court for Maharashtra Protection of Interest of Depositors (MPID) Act, had rejected their anticipatory bail applications. Over 1,300 investors, depositors have filed cases against DS Kulkarni and his wife for cheating. There are around 8,000 depositors, who have reportedly invested around Rs 485 crore with the DSK group. The developer, however, failed to return their money after a financial crisis hit them.
On February 14, this year, Kulkarni had told the court that he had arranged for Rs 12 crore and that Buldana Urban Multistate Co-operative Credit Society had agreed to accept his liability up to Rs 100 crore by mortgaging his properties that were worth “thousands of crores”.
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