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ED attaches properties worth INR 904 crore of DSK Group

Infra News - Published on Tue, 19 Feb 2019

Image Source: The Economic Times
PTI reported that the Enforcement Directorate attached assets worth INR 904 crore of DS Kulkarni Developers Ltd and companies of DSK Group in a case of cheating and syphoning of funds of investors under the Prevention of Money Laundering Act, 2002. The ED initiated investigations under the provisions of PMLA on the basis of a First Information Report and chargesheet of the Economic Offences Wing, Pune.

The charge sheet disclosed that Chairman and Managing Director of DSK Group, Mr Deepak S Kulkarni, group president of DSK Group Shirish D Kulkarni and others have cheated about 35,000 investors of Maharashtra by fraudulently collecting deposits worth Rs 1,084 crore in the guise of better return during the period from 2006 to 2017.

Further investigation by the ED revealed that accused Deepak S Kulkarni, his wife Hemanti D Kulkarni and son Shirish D Kulkarni and others formed eight partnership firms viz DS Kulkarni and Company, DS Kulkarni and Associates, DS Kulkarni and Brothers, DS Kulkarni and Sons, DSK and Sons, DSK and Associates, DSK Construction, DSK Enterprises under the veil of DS Kulkarni Developers Ltd (DSKDL) with the sole motive to collect the funds from gullible public based in Mumbai, Pune, Kolhapur, and other cities of Maharashtra.

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Posted By : Rabi Wangkhem on Tue, 19 Feb 2019
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