DSK group Investors Still on Wait  

Real Estate investors who had invested in the DSK Group are not sure whether they should be happy about the arrest of DSK couple or worried if they will really get their money back. DSK couple as per news reports is accused of cheating thousands of investors of the DSK Group through various schemes, was arrested late on Saturday and later remanded in police custody.  Later, Kulkarni (67) collapsed and fell unconscious and he has now been remanded in judicial custody and shifted from Sassoon General Hospital to Deenanath Mangeshkar hospital. Today, he will be presented in front of a medical board of the Sassoon hospital, before a decision is taken on where he will be kept.

Reports added that team of Crime Branch of the Pune City Police had arrested Kulkarni and his wife from a hotel in Delhi in the early hours of Saturday. The Economic Offences Wing of the Pune police is currently probing mainly two types of schemes, through which the group had taken money from investors. One was of fixed deposits, in which money was taken from depositors in the name of a company from the group and in return, the investors were assured of either monthly, quarterly or cumulative returns and also the principal amount after the maturity period. The other scheme, known as Aadhi Ghar, Nantar Paise (first get the house, then pay the money), under which initially, a certain chunk of the total value of flats was taken from customers and the group then promised to pay the EMIs on the bank loans of the customers till the possession of the property was given. They are also saying that as and when the money is recovered, the priority of repayment should be given to the direct depositors and not the banks that lent money to the group.

Kulkarni has maintained that there was nothing wrong with the deposit schemes and that there was no violation of any RBI rules.  RTI activist Vijay Kumbhar, who has been representing depositors on various platforms, said: “The fraud is just not limited to what is being investigated by the police. This is a much larger loan fraud where money has been taken from banks by fraudulent means and these things will have to be probed.”

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