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Showing posts with label DSK Scam. Show all posts

Friday, October 19, 2018

Declare Bank of Maharashtra innocent without investigation trial or hearing…..

Proving that the banking industry is a criminal business all the agencies hand in glove are now are coming forward to declare, the Bank of Maharashtra (BOM) officers innocent without any investigation, inquiry or hearing in the DSK scam case.
According leading daily, Pune Mirror Pune police have moved an application under Section 169 of the Code of Criminal Procedure (CrPC), to release the accused BoM top officials who were arrested in DSK scam case.
According to Pune Mirror, the Pune Police have claimed that they have failed to find evidence against the top three officials. Interestingly, in the first charge sheet filed in the Pune court, the police have made serious allegations against the bank officials.

The said paragraph is reproduced here .

It is unusual and astonishing that the Chairman and Chief Managing Director of the Maharashtra Bank, taking interest of visiting the site. And not taking any action after noticing that entire funds of the Bank were not used in the project.

In this same charge sheet, the police have made a serious claim that this officer sanctioned a loan of Rs. 100 crores to the DSK Dream City and then sanctioned another Rs. 10 crores in April 2017. Specially, instead of acting when it comes to the fore more loans were given.

Is not it serious? There are many other serious allegations against these bank officials too.

Then what happened suddenly, on the basis of which the Pune police are saying that there is no evidence against the bank officials?

Actually, Pune Police has conducted a special forensic audit of all transactions in the DSK scam. The forensic auditor's report has highlighted a serious scandal involving not only the Bank of Maharashtra but also by many other banks. And that is why banks and his political supporters do not want any investigation, trial or hearing of the matter.

That is why they are struggling to exclude the names of the officials in this case.

It is also reliably learnt that one of these accused recently had a meeting with finance minister Arun Jaitley.

It is also pertinent to note here that after BoM officials arrest in DSK Scam prime minister Modi’s had announced zero tolerance towards corruption in banks. However immediately after his announcement, amendment to Prevention of corruption was made and babus were fully protected from arrests in case of corruption. Not only that swift efforts were also made to get all BoM accused out of police and magistrate Custody.

The way and procedure with which these officers have been released on bail has been challenged by Fix Deposit ( FD) holders of DSK in High Court.

Let us see now how drama unfolds. It is true that no political party in India has come forward to protect interest of victims of investment scams or bank frauds. But it seems that every political party is in favour of protecting fraudsters and scammers

Wednesday, May 2, 2018

DSK SCAM: HC Postpones hearing on MD & CEO Shirish Kulkarni’s anticipatory bail to 4th may ..

Shirish Deepak Kulkarni's anticipatory bail application case in Bombay High Court is now postponed to 4th May 2018. Shirish is one of the accused in DSK Scam.

After Bombay High Court withdrew interim protection from arrest granted a multi-crore cheating case Deepak and Hemanti Kulkarni of D S Kulkarni Developers Ltd are already arrested by Pune police and are in judicial custody for more than 2.5 months.. The Kulkarnis have been charged with cheating over 9000 investor and Banks for around Rs3000 crore and were booked by the EOW.

Earlier Pune special court had rejected anticipatory bail application filed by Shirish Kulkarni. The special court has categorically observed that ‘ in this case protection of the interest of depositors if of prime consideration and investing officer has to see how to the said interest is to be protected . It prima facie appears that hundreds and thousands of depositors of DSK goup have become panic for not getting their amount of deposits and therefore their interest can be safeguarded by conducting a proper investigation.

After that Shirish Kulkarni had moved to Bombay High Court.

Meanwhile, there is another hearing that will be conducted in Kolhapur sessions court tomorrow i.e 3rd May 2018.

An FIR has been lodged in Rajarampurri police station of Kolhapur against Deepak, Hemanti and Shirish Kulkarni under Maharashtra Protection of interest of Depositors Act.

Saturday, April 28, 2018

DSK Scam: No relief for accused, special court rejects bail allows invocation of section 409, NCLAT refrains from alienating or transferring any rights

On Friday ( 27th March) special court rejected Deepak and Hemanti Kulkarni’s bail application and application challenging invocation of section 409 of Indian penal code ( IPC ) in this case.

Earlier ( on 20th March) National Company Law Appellate Tribunal ( NCLAT) stayed its own order and refrained DSKDL and its Directors and officers from alienating or transferring any rights.

Initially, Deepak and Hemanti Kulkarni of D.S.Kulkarni developer’s ltd (DSKDL) successfully managed to avoid their arrest in by deceiving various agencies in a multi-crore investment scam. However now, it has become very difficult for them to convince or fool any agency.

While rejecting bail applications of accused, Justice Utpat observed that, if the applicants ( Deepak and Hemanti) could not raise any amount when they were not under any restraint, it is very difficult to ascertain, how they would raise the funds for returning the amounts of depositors. Even the applicants have not put forth any viable proposal before this court to ascertain their intention of returning the amounts of depositors.

Justice Utpat Further observed that the facts on record further prima facie show that during the period granted by the Hon'ble Supreme Court and Hon'ble High Court, the accused could not furnish the amount of Rs.50 crores as directed by the Hon'ble High Court. Not only that, the evidence on record prima facie shows that the accused put forth sham proposals showing that they were depositing the amount of Rs.50 crores as directed by the Hon'ble High Court.

image Courtsey Financial Express

Deepak and Hemant's advocate Shivade also claimed bail on health ground to Deepak Kulkarni.

However justice Utpat observed that, there is no any recent medical report filed on record which shows that the physical condition of Deepak Kulkarni is not well. On the contrary, when hearing of bail application was going on, the presence of accused was secured on video conferencing and he was raising some problems before the court in very nice manner.

At his juncture, PP Pravin Chavan claimed that the doctor who gave a report of a clot in Deepak Kulkarni's brain was arrested for anti-superstition activities in Deenanath Mangeshkar hospital. FIR against him has been filed under section 3 of The Maharashtra Prevention and Eradication of Human Sacrifice and other Inhuman, Evil and Aghori Practices and Black Magic Act, 2013.

Earlier defending accused Deepak and Hemanti advocate Shrikant shivade claimed that since the applicants are in jail, they cannot raise money for returning the amounts of depositors.

He further showed the inability of the applicants to raise the funds as all the properties of the applicants have been attached by the Investigating agencies as well as the accounts have been seized.

Shivade also submitted that the applicants should be granted bail for six months, so as to generate funds to return the amount of depositors and in case, they fail to do the same, the situation should be reviewed after six months.

Confronting Shivade’s argument Special Prosecutor Shri Pravin Chavan put following Points

1. There is siphoning of huge amounts by DSKDL Company and its subsidiaries. For that purpose, he relied on the statement of one employee of DSKDL (name not disclosed on the oral request of PP ) and submitted as to how the applicants and their relatives started different companies i.e.DSK and Company, DSK Associates, DSK & Sons, DSK & Associates, DSK Brothers, D.S.Kulkarni and Brothers, DSK Constructions, DSK Enterprises, D.S.Kulkarni & Associates and D.S.Kulkarni & Sons and accepted various amounts from public, loan amount from banks and siphoned off the said amount.

2. Some of the firms established by the applicants and their relatives were not even registered and no permission was sought from SEBI for collecting money from the public. In spite of that, Shri Chavan submitted that the accused have collected huge funds.

3. The applicants have obtained Rs.1374 crores by way of loan from various banks, Rs.1153 crores by way of deposits from various persons, Rs.470 crores from flat holders, Rs.110 crores by way of debentures and Rs.123 crores by way of Totoya Finance. He further submitted that there was a large conspiracy between applicants and their relatives and they have siphoned off the said amount and the said aspect is under Investigation

4. The applicants do not have any property in their names to be sold and therefore, their release for the said purpose is out of the question. He further submitted that even if all the flats in the housing schemes launched by the applicants/accused are sold, it cannot generate the necessary funds to repay the amount of depositors as it requires a huge amount to complete the construction work.

5. Applicants are in arrears of Rs.61 crores towards Sales Tax payment and are also in arrears of some amounts towards Income Tax and they have to pay salaries of their servants.

6. After the rejection of anticipatory bail of the applicants by this court, the applicants had moved the Hon'ble High Court and Hon'ble Supreme Court for anticipatory bail and the Hon'ble Bombay High Court had granted sufficient time to the accused to collect money. However, during that time, the accused have not collected any amount. There is no possibility that the accused would generate the funds if released on bail.

7. If the applicants are released on bail, they may tamper with the evidence or they may abscond. He further submitted that the investigation of such a serious crime is at a very sensitive stage and as such.

Upholding Chavan’s point Justice Utpat rejected Deepak and Hemant's bail application

Rejecting application challenging invocation of section 409 of Indian penal code ( IPC ) in this case. Justice Utpat upheld argument PP Pravin Chavan that Directors of DSKDL company i.e. Deepak and Hemanti by accepting the amount in the fixed deposits from the public at large, have become the agents of those persons and therefore, they fall within the purview of sec.409 of I.P.C.

Earlier on 20^th April National Company Law Appellate Tribunal ( NCLAT ) gave one more shock to Deepak Kulkarni and his family. NCLAT stayed its own order and refrained DSKDL and its Directors and officers from alienating or transferring any rights.

On 13^th March National Company Law Tribunal ( NCLT) had directed DSK Kulkarni Developers Ltd (DSKDL), Deepak Sakharam Kulkarni (DS Kulkarni), his family members as well key managerial persons and directors in the DSK Group to disclose their all assets, including bank accounts owned by them in India and anywhere in the world.

The Tribunal had also directed stock exchanges to restrain trading in DSKDL while asking depositories to freeze securities owned by the Kulkarni family and key managerial persons and other directors of the company.

The Tribunal had barred them from mortgaging or creating a charge on any immovable and movable properties owned by them anywhere. Serious Fraud Investigation Office (SFIO) under the Ministry of Corporate Affairs (MCA) had filed the petition.

However, NCLAT had ex-parte stayed abovementioned order on the application of Shirish kulkarni.

Serious fraud investigation Organisation ( SFIO) has appealed against said order and NCLAT then stayed its own order and refrained DSKDL and its Directors and officers from alienating or transferring any rights.

Wednesday, January 24, 2018

DSK Scam: D S Kulkarni continues to fool everybody with blatant lies .. .

With his dirty tricks, exaggerated facts and blatant lies DSK and his wife always fooled FD holders, flat buyers and investors.

They never put plain facts before anybody.

Not even before the courts!

Image courtsey Mumbai Live

Everybody was surprised when hearing on D S kulkarni and his wife’s anticipatory bail application (ABA) was adjourned and interim protection was extended for three days on 22nd January 2017.

At every hearing of DSK’s bail application in HC there was always some surprising element.

22nd January’s hearing was also not an exception to that!

This time Bombay High Court (HC) granted another three day DSK to escape arrest after they told that about Rs 51 crore is scheduled to come from abroad.

They also claimed that money has been deposited on 17th January in bank in Singapore and it requires 72 hours to credit it in their accounts.

To prove their claim they also submitted two documents in HC.

Sources confirmed that one document was showing successful transaction of 40 lac US dollars was made on 17th January through Telegraphic transfer from a bank in Singapore.

Another document was showing two successful transactions of 40 lac US dollars each made on 20th January.

Surprisingly the company Prabhune International Pte Ltd ( PIPL)that is said to be sending money to DSK digital technologies pvt ltd is facing closure in Singapore.

PIPL is registered with Singapore's Accounting and Corporate Regulatory Authority (ACRA). It was set up on 28 February 2013 as local company .

However, according to a First Gazette Notification issued on 8 January 2018 by ACRA, the company is scheduled to be struck off from the Registrar of Companies.

You can that gazette notification here

Striking off is one of the ways of closing down a local company in Singapore.

There are certain conditions to strike of companies in Singapore.

The company must have stopped business activities or not have commenced activities from the date of incorporation.

Company should not have current or contingent assets or liabilities

Finalised accounts drawn up till the date of cessation must be attached to an application to the ACRA to strike the company’s name from the Register of Companies.

If PIPL is closing down its business, then how can it send 80 lac dollars (51 Crore rupees) to DSK in India?

And how much money is PIPL to DSK Digital 80 lac dollars or 1.20 crore dollars?

Because both documents show three transactions of 40 lac each ?

Any sources confirm that none of the money was received by bank in India till 23rd January .

And if at all PIPL is sending money why didn’t DSK inform it to court on hearing that was on 18th January? When first transaction was shown on 17th .

Answer is simple when it was agreed that extension given by apex court will end on 22nd January . There was no point in wasting another option left.

So DSK kept that option open for next hearing and used it on 22nd january.

DSK’s surpises do not end here.

Earlier.

DSK and his wife’s ABA were rejected by Pune special MPID court on 9th November 2017.

Then they filed ABA in Bombay High Court (HC).

At first hearing on 17th November in HC they were given interim protection from arrest because Investigating Officer had not reached in time and Public Prosecutor had requested for time to take instructions and peruse the record.

Confident (?) of repaying investors’ money DSK addressed a press conference on 21st November and said that they will submit a detailed report of repayment in the court on 23rd November .

Many people always term DSK’s lies as his confidence.

Then on 23rd November hearing was adjourned at the request of learned Senior Counsel for DSK and he was asked to furnish a plan or scheme to repay FD holders money.

On 30 November DSK submitted a list of six properties for sale to the IO and brought the same to the notice of the court.

However these properties are mortgaged with banks and later on two of these properties were seized and auction procedure was initiated by banks.

Then HC asked DSK to file an affidavit by 4th December with an undertaking to deposit 25% ( Around 50 Crore) of the depositors' dues with the court's registry in two weeks.

HC also warned DSK failure of compliance will automatically lead to the vacation of the interim protection granted to them and he will have to surrender immediately in front of the investigating officer.

Accordingly on 4th December DSK filed an affidavit in HC and committed to deposited 50 crore rupees within two weeks.

And hearing was postponed till 19th December.

However DSK didn’t deposit 50 crore rupees in court nor did he surrender.

On 19th December due to paucity of time the matter was adjourned but HC clarified that the Economic Offences Wing (EOW) is free to initiate action against DSK and his wife.

Due to Christmas vacation matter in HC was postponed till 18th January 2018

Meanwhile DSK remained untreatable and filed special leave petition in Supreme Court.

On 22nd December Supreme Court (SC) extended time given to DSK to deposit 50 crores by 4 weeks.

However Supreme Court had also made it clear that no further extension will be granted.

However there was some surprising confusion on counting four weeks from Supreme Court order on extension.

According to cause list of HC dated 18th time is extended as per Supreme Court's order dated 22.12.2017 was up to 19.1.2018.

However in HC order on 18th January says that ‘On 22.12.2017, the Hon'ble Apex Court had extended the time for depositing the amount by four weeks. That would be till 22.1.2018.”

HC also mentioned in its order on 18th January that “This Court had extended the interim relief. However, it was made clear that if the applicants fail to deposit the said amount within the stipulated period, the interim relief granted vide order dated 10.11.2017 would automatically stand vacated. Since it was a self-speaking order, the interim relief was deemed to be vacated in view of the fact that the amount of Rs.50 crores was not deposited within the stipulated time.”

As it was holiday on 20th and 21st January 2018 matter was postponed to 22nd January.

Now everybody is waiting for 50 crore rupees that are supposed to be deposited in DSK’s account.

Now what will be the scenario on 25th January.

Chances of PIPL depositing money in DSK Digital’s account are remote.

However, Even if that money is deposited it will be under Enforcement Directorates and Income Tax departments’ scanner.

Income tax has already sent notices to all the government authorities for recovery of 20 crore rupees TDS that DSKDL has deducted and not deposited with it.

Hence it will not be easy for DSK to deposit 50 crores on 25th January.

Related Stoties

Is DSK sociopathic liar ?

Is DSK exploiting Investors, FD holders and flat buyers ?

DSKDL public Limited Company or Criminal Enterprise?

For More on DSKDL scam read Marathi blogs here

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Friday, October 19, 2018

Declare Bank of Maharashtra innocent without investigation trial or hearing…..

Related Stories

Wednesday, May 2, 2018

DSK SCAM: HC Postpones hearing on MD & CEO Shirish Kulkarni’s anticipatory bail to 4th may ..

Shirish Deepak Kulkarni's anticipatory bail application case in Bombay High Court is now postponed to 4th May 2018. Shirish is one of the accused in DSK Scam.

Related Stories

Saturday, April 28, 2018

DSK Scam: No relief for accused, special court rejects bail allows invocation of section 409, NCLAT refrains from alienating or transferring any rights

On Friday ( 27th March) special court rejected Deepak and Hemanti Kulkarni’s bail application and application challenging invocation of section 409 of Indian penal code ( IPC ) in this case.

Earlier ( on 20th March) National Company Law Appellate Tribunal ( NCLAT) stayed its own order and refrained DSKDL and its Directors and officers from alienating or transferring any rights.

Initially, Deepak and Hemanti Kulkarni of D.S.Kulkarni developer’s ltd (DSKDL) successfully managed to avoid their arrest in by deceiving various agencies in a multi-crore investment scam. However now, it has become very difficult for them to convince or fool any agency.

Related Stories

Wednesday, January 24, 2018

DSK Scam: D S Kulkarni continues to fool everybody with blatant lies .. .

With his dirty tricks, exaggerated facts and blatant lies DSK and his wife always fooled FD holders, flat buyers and investors.

They never put plain facts before anybody.

Not even before the courts!

Everybody was surprised when hearing on D S kulkarni and his wife’s anticipatory bail application (ABA) was adjourned and interim protection was extended for three days on 22nd January 2017.

At every hearing of DSK’s bail application in HC there was always some surprising element.

22nd January’s hearing was also not an exception to that!

This time Bombay High Court (HC) granted another three day DSK to escape arrest after they told that about Rs 51 crore is scheduled to come from abroad.

They also claimed that money has been deposited on 17th January in bank in Singapore and it requires 72 hours to credit it in their accounts.

To prove their claim they also submitted two documents in HC.

Sources confirmed that one document was showing successful transaction of 40 lac US dollars was made on 17th January through Telegraphic transfer from a bank in Singapore.

Another document was showing two successful transactions of 40 lac US dollars each made on 20th January.

Surprisingly the company Prabhune International Pte Ltd ( PIPL)that is said to be sending money to DSK digital technologies pvt ltd is facing closure in Singapore.

Related Stoties