Pune builder arrested for swindling investors of Rs. 230 crore
A Pune builder and his wife were arrested from a New Delhi hotel on Saturday for duping more than 2,000 investors to the tune of Rs. 230 crore. The man in question, DS Kulkarni, is the chairman of DS Kulkarni Developers Ltd. He and his wife Hemanti are to be produced before a Pune local court today. Here's more.
Bombay HC refuses to extend interim anticipatory bail to them
The arrest comes a day after the Bombay High Court rejected an extension of their interim anticipatory bail, which was issued to them on November 10, 2017. About 45 days ago, the Kulkarnis had promised the court that they'd deposit Rs. 50 crore within a fortnight. They didn't. But despite their failure to keep their word, the court had extended their bail.
Their fraudulent practices first came to light in October 2017
A case against them was first registered on October 29, 2017, at Pune's Shivajinagar police station by Jitendra Mulekar, a 65-year-old resident of Kothrud, reported Hindustan Times. He accused the Kulkarnis of duping him of over Rs 4.4 lakh. Mulekar, much like others, had invested in a fixed deposit with their company. However, upon maturity, the Kulkarnis didn't repay even his principal deposit.
Hundreds of individual FIRs against Kulkarnis
Ever since Mulekar's complaint, hundreds of other investors have lodged individual FIRs against the Kulkarnis, accusing them of not paying their deposits. The duo was subsequently booked in several cases under Maharashtra Protection of Interest of Depositors (MPID) Act and the Indian Penal Code's Sections 420 (cheating and dishonestly inducing delivery of property), 406 (criminal breach of trust) and 34 (common intention).
