The Enforcement Directorate (ED) on Friday seized assets worth Rs 904 crore of DS Kulkarni Developers Ltd and companies of DSK Group for cheating and siphoning funds of more than 35,000 investors of Maharashtra. The assets have been seized under the Prevention of Money Laundering Act, 2002 (PMLA).

Under the provision of PMLA, the ED started the investigations on the basis of a First Information Report (FIR) and charge sheet of the Economic Offences Wing (EOW), Pune. According to the charge sheet, Chairman and Managing Director of DSK Group, Deepak S Kulkarni, group president of DSK Group Shirish D Kulkarni and others have duped investors by fraudulently collecting deposits worth Rs 1,084 crore in the guise of better return during the period from 2006 to 2017.