PUNE: The enforcement directorate (ED) on Thursday attached immovable homes price Rs 904 crore of city-based developer D S Kulkarni, popularly referred to as DSK, within the cash laundering case filed against him.
The motion was once initiated beneath the provisions of the Prevention of Money Laundering Act, 2002. The ED seized land, constructions, flats, financial institution deposits, policies and different homes of DSK.
More than 35,000 buyers/depositors have allegedly been cheated by means of the arrested builder. According to the ED, the DSK crew cheated folks of Rs 1,129 crore within the deposit schemes began by means of Kulkarni, his spouse Hemanti and son Shirish. They had been performing on various positions within the companies beneath the DSK Group of Companies which was once keen on the actual property, automotive, sports, knowledge technology and education sectors. The flagship company was once D S Kulkarni Developers Limited (DSKDL).
The ED mentioned, “Investigations disclosed that the trio and others conspired among themselves and formed eight partnership firms, together with D S Kulkarni and Company, D S Kulkarni and Associates, D S Kulkarni and Brothers, D S Kulkarni and Sons, DSK and Sons, DSK Constructions and DSK Enterprises, beneath the DSKDL with the sole reason of amassing funds from the gullible folks based in Mumbai, Pune, Kolhapur and different towns of Maharashtra.”
The ED mentioned all partnership firms had been projected as part and parcel of DSKDL. These eight partnership firms did not have any profit producing business. Nevertheless, the trio, in connivance with others, dishonestly prompted gullible folks and collected funds between 2006 and 2017 in numerous deposit schemes via those eight firms.
“The cash trail established that the trio with others systematically layered and built-in the funds accrued by means of those eight partnership firms via various high worth sham transactions beneath the cover of capital borrowing, advances against assets and director’s loan between more than 40 companies/entities of the DSK crew to challenge it as untainted cash and in any case laundered the cash to DSKDL,” the ED mentioned.
The ED mentioned the cash was once applied to purchase land in India and in the United States.
Kulkarni and Hemanti had been arrested within the cheating case registered with the Shivajinagar police in February 2018. The case was once registered against the builder in October 2017 for now not returning the mounted deposit of an elderly man.
The motion was once initiated beneath the provisions of the Prevention of Money Laundering Act, 2002. The ED seized land, constructions, flats, financial institution deposits, policies and different homes of DSK.
More than 35,000 buyers/depositors have allegedly been cheated by means of the arrested builder. According to the ED, the DSK crew cheated folks of Rs 1,129 crore within the deposit schemes began by means of Kulkarni, his spouse Hemanti and son Shirish. They had been performing on various positions within the companies beneath the DSK Group of Companies which was once keen on the actual property, automotive, sports, knowledge technology and education sectors. The flagship company was once D S Kulkarni Developers Limited (DSKDL).
The ED mentioned, “Investigations disclosed that the trio and others conspired among themselves and formed eight partnership firms, together with D S Kulkarni and Company, D S Kulkarni and Associates, D S Kulkarni and Brothers, D S Kulkarni and Sons, DSK and Sons, DSK Constructions and DSK Enterprises, beneath the DSKDL with the sole reason of amassing funds from the gullible folks based in Mumbai, Pune, Kolhapur and different towns of Maharashtra.”
The ED mentioned all partnership firms had been projected as part and parcel of DSKDL. These eight partnership firms did not have any profit producing business. Nevertheless, the trio, in connivance with others, dishonestly prompted gullible folks and collected funds between 2006 and 2017 in numerous deposit schemes via those eight firms.
“The cash trail established that the trio with others systematically layered and built-in the funds accrued by means of those eight partnership firms via various high worth sham transactions beneath the cover of capital borrowing, advances against assets and director’s loan between more than 40 companies/entities of the DSK crew to challenge it as untainted cash and in any case laundered the cash to DSKDL,” the ED mentioned.
The ED mentioned the cash was once applied to purchase land in India and in the United States.
Kulkarni and Hemanti had been arrested within the cheating case registered with the Shivajinagar police in February 2018. The case was once registered against the builder in October 2017 for now not returning the mounted deposit of an elderly man.
ED attaches Rs 904cr properties of DS Kulkarni
![ED attaches Rs 904cr properties of DS Kulkarni]()
Reviewed by Kailash
on
February 15, 2019
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