India, Maharashtra, vijay kumbhar, News, Governance, RTI, Transparency, Civic Issues, Real Estate: November 2017

Thursday, November 23, 2017

Is DSK sociopathic liar ?

DSK is a liar.

He doesn’t shy away from lying anywhere. Clients and media are his soft targets but he doesn’t hesitate to lie in courts also.


But is he sociopathic liar?


Sociopathic liars are pathological liars. They lie to gain something. Worse yet, their lying is usually calculated and cunning.

A sociopath doesn’t care who their lies affect, as long as in the end the lie fits their purpose and they get what they want.

Pathological liars know the difference between right and wrong, and they consciously recognize that lying is wrong.

Unfortunately, they don’t really care. In fact, they are so good at lying, many times they become their own lie.


Let us see some examples related to DSK.

image courtsey datingasociopath.com


As admitted by DSK only media is his weak point.

DSK and his wife’s anticipatory bail are pending in Bombay high court and next hearing is on 23rd November.

High court has given both reliefs from arrest under certain condition that they shall not tamper with the evidence and/or pressurize or threaten the prosecution witnesses.

Even then they not only hold press conference, they made misleading statement about their assets and liabilities and also appealed investors.

Addressing a press conference, DSK  said the total assets of the firm stood at Rs 9,000 crore whereas the dues including the fixed-deposit (FD) returns are "merely" Rs 1500 crore.

He revealed that a foreign investor has shown willingness to form a joint venture with the firm in the ambitious DSK Dream City Project, worth Rs 13,000 crore.

Aren’t these statements a part of tactics to pressurize or threaten investors and contempt of court?




DSK also shared video of his press conference on social media.

DSK never shy away from making misleading statement in court.

In an application filed in Pune court they stated that things were perfect for the DSK Group till 2008, when the Lehman Brothers declared bankruptcy and European markets crashed. Just before the two developments, the couple stated that they had tied up with an Israel based GCC Ltd for developing a special economic zone (SEZ) spread over 300 acres.

However this was completely untrue.

Actually DSK had got in-principal approval for SEZ in June 2007 however in was never totally approved.

In fact in 38th meeting of the SEZ Board of Approval DSK’s SEZ proposal was rejected on 11th February 2010.



The proposal of SEZ was rejected because during inspection a number of issues arose such as the contiguity of the SEZ had been broken, presence of an irrigation canal.

Then in April 2010 SEZ proposal was withdrawn by DSK .



However while talking to press DSK had said that new norms of the SEZ were not conducive to the company and hence they withdrawn.

It is another thing that DSK had purchased all lands claiming for SEZ / Township purpose.

http://indianexpress.com/article/cities/pune/dsk-pulls-out-of-phursungi-sez-plan/ 

Then in 2012 they obtained approval for Special Township.

Thereafter DSK launched Dream City, raised FDs for it, obtained construction loan, accepted flat bookings.

Lehman Brothers declared bankruptcy and European markets crashed in September 2008, then how come these two factors did affect dream city project?

DSK’s press conference (PC) was also full of lies.

Only positive outcome of this PC was kin took on DSK.

In PC DSK referred to several internal documents of the group that were uploaded on blogs that he believed led to panic among investors.

When media asked him about answering the issues rose on this blog he said Vijay Kumbhar didn’t pick the documents from our drawer all the documents are in public domain.

However immediately after this DSK said that my brothe’s  son-in-law, Kedar Vanjpe is responsible for  all this mess. He used to work as the executive director in the company. We bought the land on his wife’s name, who is my niece. He was disturbed since my son (Shirish) joined the company and he provided information to Vijay Kumbhar.

As soon as word got out that DSK was accusing Vanjpe of sabotage vanjpe demanded a public apology from DSK, stating that he will initiate legal action if DSK fails to do so.

Immediately after Vanjpe’s challenge DSK’s son in law Sanjay Deshpande slapped some question to DSK.

1. DSK sir have you asked Kedar Vanjape  and  has he  allowed you to buy dream city land on name of his wife ? Or even your other relatives?

2. Does Kedar Vanjpe told various banks of financial institutes to publish acquisition notices to your group companies which has been failed to repay huge loan amounts? Every day newspapers are carrying it.

3. Does Kedar Vanjpe controls all IGR  or SEBI  web site as you say Kedar  gave all documents to Mr.Kumbhar while Kumbhar’s blog says all documents he has  got from web sites of government institutes?

4. Does your current financial problems are due to Kedar Vanjape?

5. You said Kedar Vanjpe left DSK  group because of  your son but Mr.Shirish joined DSK  group in 2010 while Kedar left in 2008.

6. Do you mean Kedar Vanjpe is the cause for closing down your toyota dealership?  Your sites are dead since last 2 years; huge loans/ FD have been taken on the companies which have no projects on them, your sharing of commissions in crores of rupees in your family under name of flat selling n such services & all these decisions r by Kedar Vanjpe?


 7. You said in press conference you  don’t use investors or brokers money but but share  profits with FD  holders then is it Kedar who gave brokerage documents on name of Hemanti  Phadke and her partnership companies   by DSKDL  which are signed by Hemanti Kulkarni who is director of public limited & is it Kedar Vanjpe who exposed both are same person only?


 8. is it Kedar Vanjpe and not your  CA  who wrote to SEBI  that your company is doing bad business and in no position to repay the debenture money?

Sanjay Deshpande further advised DSK that instead blaming some Vanjpe , Kumbhar or Karandikar for your failures or even  our PM  Modi for demonetization and  bad state of real estate, accept that you are a bad businessman & you fooled  many till now under your image of DSK and when that mask is torn and your true face is exposed you are  blaming others for showing  your reality!! instead of doing such drama  tell people your actual loans as well real condition of your assets and be ready for the punishment of your sins, like a real man which off-course you are not!!

Sanjay Deshpande and Kedar Vanjpe almost confirmed all the allegation of money siphoning, forged signs, shell companies , murky deals made in my earlier post “ DSKDL a public limited company or criminal enterprise ?”

It is not the case that DSK cheated only relatives. He didn’t spare anybody including Government agencies, his customers, suppliers’  and banks also .





He always discovered new Ideas of lying and cheating.

Recently an advertisement was published in newspaper by Aditya Birla Finance Company ( ABFL)

The advertisement claimed that some flats in Meghmalhar  scheme at Dhayari were mortgaged to the company by DSK . However company found that DSK was trying to sell those flats. Company also warned any transaction towards thos flats would be illegal.

In April 2016 DSK mortgaged 30 unsold flats and 52 car parkings of Q wing of  DSK Vishva Meghmalhar  scheme  to ABFL for 14.92 crores . The flat numbers were 101,102,104,201,202,302, 501, 502, 503,504,601,602,603, 604, 701,702,703, 704 801,802,804, 9 01, 9 02, 9 03, 9 04,1003,1004 ,1104, 1203,1204.


Even though  DSK  knew that flats were already mortgaged he sold almost 18 flats to the buyers.



In April 2016 DSK mortgaged 30 unsold flats and 52 car parkings 


That was  not all.

Perhaps due to non-repayment of the loan or for some other reason in June 2017 for more security ABFL asked three more flats as mortgage.

Surprisingly, despite knowing that many of them have sold them to others, DSK has mortgaged three more flats  along with the earlier ones.



despite knowing that many of them have sold them to others, 

See another form of lying

The construction of DSK’s Gold leaf project at Baner is at standstill since November 2015 ,.



DSK mortgaged flat at 6th floor of this building for 3.42. crores


Earlier in June 2016, Deepak Sakharam Kulkarni alias DSK bought a 3220 square foot flat DKDL company in June 2016 for a price of Rs. 14186 per sq ft at a price of 4,56,80000 rupees (4 crore rupees eighty thousand rupees) from own company.


Actually market or ready reckoner rate at this place is not more 6000 / per sq ft


flat for a price of Rs. 14186 per sq ft at a price of 4,56,80000 rupees









However later in September 2016 DSK sold 1954 square feet flat at the rate of Rs 7272 per square feet to other buyers. Before June 2016 rates were same or less than this.

For others rate was 7272 rs per sq ft 

Then why would have DSK bought flat at the rate of twice the prevailing rate?

The reason was simple. DSK didn’t want flat , he wanted money.

That’s why immediately after seven days he mortgaged this flat to syndicate bank for 3.42 crore
rupees and bank too disbursed the loan without taking into consideration prevailing market or ready reckoner rates.


Flat was mortgaged at for 3.42 crore


Only DSK can do the bargain for non-existent items.

DSK has already conveyed large part of DSK Vishwa to the Nyaty Builders.


Now more parts of the DSK Vishwa  have also been given to the Sakala Builders.


DSK has Conveyed 65,000 square feet of 54,000 sq ft and 11340 sq ft space to the Sakala Builders by the two transactions



And you know when did this transactions happen?

On the same day when FIR was lodged against  DSK under MPID act i.e on 28th October 2017.

While the case was being registered at Shivaji nagar Police station same time at the same time documents were lodged for registration and later on signed on 29th  and 31st  October.

Now what would you say ?



Related Stories



For More on DSKDL scam read Marathi blogs here

Subscribe for Free

To receive free emails or free RSS feeds, please, subscribe to Vijay Kumbhar's Exclusive News & Analysis

RTI KATTA is a platform to empower oneself through discussions amongst each other to solve their problems by using Right to Information act, Every Sunday at Chittaranjan Watika, Model Colony,Shivaji nagar, Pune, between 9.30 to 10.30 A.M.

RTI Resource Person, RTI Columnist
Phone – 9923299199

                   http://surajya.org/
Email     –   admin@vijaykumbhar.com
                     kvijay14@gmail.com


Thursday, November 16, 2017

DSK is proud of his Sins but investors are in hell

DSK is proud of his Sins but investors are in hell .


Yes , that’s true !


DSK’s downfall began when they started diverting investor’s funds from their original business of real estate to other business. That was their first sin.


Then they started envying their original business of real estate and diversified (?) to other businesses.


However all of these businesses were milked by DSKDL only.


One of the DSK group companies’ is Talisman Hospitality services pvt. Ltd ( THSPL)


THSPL runs a restaurant cum night club called ‘Sin Envy Pride’ .It opens late in the evening.

Programs like Misbehave Wednesday, Thrifty Thursday, sinful Saturday, sinset Sunday are organised here. Many times free liquor is offered to Ladies.


This restaurant entity is very small compared to other DSK businesses.  However Reason behind writing this in detail is, like other business funds from DSKDL funds were also diverted to this restaurant.


DSKDL has signed an agreement with this restaurant for availing  restaurant/ hotel/ hospitality/ conference room services at the normal terms as offered to the independent customers up to an aggregate amount not exceeding  25 lac  rupees.

What would have the ordered from this restaurant which opens at 8 P.M



Though 25  lac rupees is very small amount but this is how DSKDL’s  crores of  were diverted to DSK Family’s private limited companies and partnership firms.

Here are some more examples of money siphoning


DSK Motors Pvt. Ltd –

1.            For Purchasing cars at prices at prevailing market rates at the value not exceeding `1 cr.

2.            For Availing spares and servicing facility for all the motor vehicles of Toyota make at the card rates offered by DSK Toyota at the value not exceeding 50 lacs.

D. S. Kulkarni & Company –

1.            For Sale of flats on c o m m i s s i o n calculated at the rate of 3% of the total costing of the project, total commission not exceeding  46,29,240/  (DSK Sadaphuli )

2.            For Sale of flats on c o m m i s s i o n calculated at the rate of 3% of the total costing of the project, total commission not exceeding  `1,68,63,860/- (DSK Chaitraban)

D. S. Kulkarni & Associates

1.            For Sale of flats on c o m m i s s i o n calculated at the rate of 3% of the total costing of the project,total commission not exceeding 1,68,90,380/- (DSK Pushpaban)

DSK Global Education and Research Ltd.

1.            For Sale of flats on c o m m i s s i o n calculated at the rate of 3% of the total costing of the project,total commission not exceeding ` 1,74,86,670/- (DSK Anandghan)
DSK Global Education and Research Ltd

1.            For Availing cafeteria facility for an amount of ` 100/- per day, per head at the normal terms offered by the said DSK Global and on an arm’s length basis at prevailing market prices, for an aggregate amount not exceeding ` 40,00,000/- ( DSK Dream City)

DSK Worldman Projects –

1.      1.  for Sale of flats on commission  calculated at the rate of 3% of the total costing of the project, total commission not exceeding  47,83,485/-

You will find entire list of money siphoning in  the year of 2015 -2016 here




Interestingly company having in business of real estate does its own office . It has taken premises for offices on rent from D S Kulkarni & Associates, D S Kulkarni & Company and Hemanti Kulkarni etc.

And off course heavy rent is being paid as rental amount to these entities

Since DSk scam has been exposed there is flood of rumors and misleading statements on social media.

Now the scam has taken interesting but dangerous turn. There are hardly any chances that investors wiil get all their money back.

However DSK well-wishers and supporters are turning blind eye on naked facts.

It has been now crystal clear that DSK’s liabilities are far more than his assets .

DSK’s liabilities are around 6,000 Crore rupees   ( six thousand crores) while his assets are not more than 1,000 Crore ( One thousand crore  Rupees)

Secured charges of all the banks on DSK and their Private limited Companies are around 2992.84 Crore ( Two Thousand nine hundred and ninety two crores rupees) .

This is not exaggerated figure this information is available on website ministry of corporate affairs .



Apart from that DSKs partnership firms must be having loans and liabilities, but that info is not available.

DSK’s partnership firms include DSK & Co, Amit & Company, Gharkul, Rasa Group, D.S. Kulkarni & Brothers,  D.S. Kulkarni and Sons, DSK & Sons, D.S. Kulkarni & Company, D.S. Kulkarni & Associates, DSK & Associates, DSK Sales & Services

Besides that fixed deposits from public estimated at around Rs1,000 crore, unsecured loans of Rs1,100 crore, non-convertible debentures (NCDs) of Rs140 crore, statutory liabilities of Rs100 crore, money received from customers Rs815 crore.

This total goes to more than 6,000 crores ( six thousand crore rupees)

DSK’s assets are not more than  1000 Crore rupees. 

However for sake of argument if we agree with DSK supports that his assets are worth 1800 crore rupees even than that is not sufficient to clear bank loans . 

Then Forget about returning investors money.

Instead of facing truth they are busy in spreading rumors and misleading other investors.

On last hearing on D S Kulkarni’s anticipatory bail in high court APP has categorically submitted that the Investigating Officer has just now arrived in the Court and he has to take instructions and peruse the record. And at his request case was adjourned till 17 November .

Till then interim relief was granted to DSK   and condition was imposed on him that he shall not tamper with the evidence and/or pressurize or threaten the prosecution witnesses.

However immediately after hearing news appeared on social media as if court itself asked DSK to come with concrete proposal.

What could be the reason behind spreading such news ?

One thing is clear for DSK legal option of getting rid of this situation have become narrower , hence he is finding emotional option.

Immediately after HC hearing DSK supporters became active they started signature campaign to support him. Started calling people to convince them.

Even DSK also became active on social media appealing investors.

However these things are not going to work for DSK.

Whether he gets or not anticipatory or regular bail is not going to affect case, it will continue.

Another funny thing is , the DSKDL’s board meeting scheduled on 14th November for the quarter ended 30 September 2017 and Annual General Meeting for FY2016-17was postponed indefinitely .
The reason given for postponement was interesting , It said ““A complaint has been lodged by the deposit holder with the EOW of Maharashtra Police in connection with non-refund of deposit by two promoter group entities. The promoter group entities are not this listed company. In the process of investigation, the EOW has taken into custody, the accounting, secretarial and other records, both physical as well as electronically maintained, of the group entities including this company. The appeal for release of records by EOW is been made and is in process of preparation.

FIR was filed against DSK on 28th October .

The police searched DSKDL properties on 2nd  November.

Even then in pune special court submitted proposal to return invertors money in High Court also he is ready to submit proposal.

On both these occasions DSK didn’t find any difficulty in submitting proposal despite record seizures.

But for Board and AGM meeting he finds difficulty.

Reason is obvious!

If they conduct AGM then audit report will have to be submitted and if last years audit report is out Pandora’s box will open, because auditors have already clarified that they were not satisfied with the accounts submitted by DSKDL and also put question mark on companies’ ability to continue business.

Now its up to DSK's investors to open eyes ot to keep faith on rumors.

Already more than 3000 complaints ave been filed against DSKs in all over Maharashtra.

Government of Maharashtra has also decided to appoint a single monitoring agency to look in into progress of the probe and to rope in multiple agencies like RBI , SEBI , RoC. 

One thing is for sure as money involved in DSK scam is huge !

However that money has not been vanished in air.

It must be somewhere 

And only way to find out that money is Maharashtra Protection Of Interest Of Depositors Act (mpid) Act !

Related Stories




Subscribe for Free

To receive free emails or free RSS feeds, please, subscribe to Vijay Kumbhar's Exclusive News & Analysis

RTI KATTA is a platform to empower oneself through discussions amongst each other to solve their problems by using Right to Information act, Every Sunday at Chittaranjan Watika, Model Colony,Shivaji nagar, Pune, between 9.30 to 10.30 A.M.

RTI Resource Person, RTI Columnist
Phone – 9923299199

                   http://surajya.org/
Email     –   admin@vijaykumbhar.com
                     kvijay14@gmail.com