Pune: In a significant development in the long-standing fraud case involving developer Deepak Sakharam Kulkarni (DSK), a group of 160 investors has taken legal action to reclaim their lost investments.
DSK, who ran D.S. Kulkarni Developers Limited (DSKDL), is accused of defrauding thousands of depositors by collecting over ₹8,500 crore through eight different companies and misappropriating the funds for personal gain.
Despite the seizure of DSK’s properties, many investors have yet to see any return of their money, leading to fresh claims in the courts.
On behalf of the defrauded depositors, an application was submitted to a special court in Mumbai by Advocate Chandrakant Bidkar, representing the group. The application was presented before Special Judge S.C. Daga.
Investors are seeking the ownership rights of the properties that were purchased by DSK using the money collected from depositors and held in the names of DSK’s various partnership companies.
The case against DSK goes back several years, when allegations first surfaced that the real estate mogul had created multiple companies to attract large sums of money from investors, promising high returns.
However, instead of using the money for legitimate business purposes, DSK is alleged to have used it for personal acquisitions, including purchasing properties under his name and that of close family members.
The investors have now requested that the court award them ownership of these properties as a means to recover their lost funds. Specifically, they are targeting properties owned by DSK’s partnership firms that are not subject to other legal claims.
These properties, once transferred, would be sold through the Red House Foundation, with the proceeds being distributed among the defrauded depositors.
In a statement, Shantanu Kukde, President of the Red House Foundation, said, "We have accepted the responsibility for overseeing the sale of these properties and ensuring that the depositors get their money back.
The depositors have also agreed to this course of action, and we believe this is the best way forward to recover their investments."