Mumbai Police's EOW registers FIR against Pune developer DSK for duping 144 investors of nearly Rs 6 crore by promising them lofty returns
Mumbai Police's EOW registers FIR against Pune developer DSK for duping 144 investors of nearly Rs 6 crore by promising them lofty returns
The Economic Offences Wing of the Mumbai Police has registered an FIR against Pune-based builder Deepak Sakharam Kulkarni, who is popularly known as DSK, for allegedly cheating as many as 144 Mumbaikars of their investment amount, suspected to be to the tune of Rs 6 crore.
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Representation pic
Officers investigating the case said that they expect the number of investors approaching them to rise in the coming few days. Earlier too, a number of police complaints were filed against him in Pune and Kolhapur.
Grand promises
A senior police officer confirmed to mid-day that the EOW had lodged a case under sections 406 (criminal breach of trust), 420 (cheating) and 34 (common intention) of the Indian Penal Code and under relevant sections of the Maharashtra Protection of Interest of Depositors Act against Kulkarni and others.
The police said DSK, through his firm's 'cumulative, non-cumulative fixed deposit' and 'Dhan-Dhana-Dhan' schemes, accepted huge amounts as investment by promising lucrative returns - ranging between 12 per cent and 14.4 per cent. In one scheme, he even offered double returns if the money was deposited for a five-year FD, said an EOW officer.
"Nearly 144 investors have lodged complaints, alleging that they invested money with DSK and his firm based on its track record of giving good returns to investors. The first few years, investors got the interest amount, but after January this year, the builder defaulted on payments," a complainant told mid-day.
Another investor said there were senior citizens and ex-armymen among the victims, and lives of many families were on the line.
On his trail
The Pune EOW had registered an FIR against Kulkarni and his wife on October 28 after nearly 300 investors filed complaints of cheating against him. Besides Pune, 600-odd investors from Kolhapur district are also said to have invested hundreds of crores with DSK.
When contacted, advocate Girish Kulkarni, who is representing DSK, said, "Whatever we want to say, we will say in court on Tuesday."
600
Number of investors duped from Kolhapur district
300
Pune investors who have complaints against the builder
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