India, Maharashtra, vijay kumbhar, News, Governance, RTI, Transparency, Civic Issues, Real Estate: investment
Showing posts with label investment. Show all posts
Showing posts with label investment. Show all posts

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 20th 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  13th 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.

Related Stories


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Tuesday, July 4, 2017

TRREPL Investment scam: 68 bank accounts frozen, 440 acres of land, car and 13 mobile phones seized by EoW Pune

68 bank accounts have been frozen and 440 acres of land, car, 13 mobile phones,  laptop, computer 7.5 lakh rupees cash and  deposits given towards house and office of the agents have been seized from directors, agents of crore Temple Rose Real Estate Pvt . Ltd (TRREPL ). Economic Offences Wing (EoW)  of Pune police has seize this property in 400 crore TRREPL  investment scam case. Surprisingly, though TRREPL scam is spread over all over Maharashtra and other states also and thousands of investors have been duped for hundreds of crores of rupees surprisingly no political party, leader or administration has uttered a single word about this case.


Truly Yours Forever or Cheaters Forever



EoW Pune City is investigating criminal case filed under section 409, 420, 467, 468, r/w. 34, 120 (b) IPC, sec. 3 of Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, sec. 3, 4, 5, of Prize Cheat and Money Circulation (Banning) Act, 1978 has been registered by Mrs. Nitin Shukla against the directors, promoters, office bearers, agents and other known and unknown persons concerned and connected with the TRREPL and Temple Rose Group of Companies (TRGC ).


After a long stay in Police Custody main accused in this case TRREPL director Devidas Sajnani and agent Ramesh Aghicha are still in magistrate custody while Keshav Narayan Iddya, Markas Yohan Thorat, Deepa Devidas Sajnani, Vanita Devidas Sajnani, Sunil Dada Gaji , Dharmesh Narendra Joshi, Sharmila Dharmesh Joshi , Kanhaiyalal Narayadas Sadhawani , Ashok Toalaram Pamnani , Sapna Ramesh Aghicha , Sweta Ramesh Aghicha and Shrikant Parmeshwar Jaiswal have applied for anticipatory bail.

Without political leaders’ or administration’s support it is impossible to  run any scam in India. The way TRREPL directors, their associates bought huge lands violating all the Land Laws in various parts of Maharashtra, indicates that they have support from political parties, leaders and administration also. Otherwise it is difficult for anybody to buy lands violating ceiling on holding Agricultural Lands, prevention of fragmentation of agriculture land. Nobody can buy agriculture land unless he is agriculturist. However TRREPL people who do not have seen the agriculture in their entire life easily managed to obtain agriculturist certificate.


One can imagine the reason behind political leaders’ or administration’s silence. We have earlier witnessed such silence after arrest of Mahesh Motewar of Samruddha Jeevan scam.  Almost every political party or leader had good relations with him. After his arrest only that support vanished. If we track other companies associated with TRREPL , Devidas Sajnani and his associates we can sense involvement of political persons.

Temple Rose Group of Companies (TRG) was not only involved in Real Estate or plotting scams it had also planned Multi-Level Marketing (MLM) scheme in the name of wellness industry. Glossy brochures were printed. They were  promising income of whopping 1.63 crore only in 14 months to the agents .TRG had also advertised wellness products like pills etc.


This is the list of properties of directors of Tempe Rose Group and their associate. small investors got nothing but directors created amazing land bank needs to seized by Authorities


TRREPL is not a small scam; thousands of investors have been duped by them. In Pingori ‘Rose City’ project itself more than 4000 investors had invested 5200 plots. They have 42 such schemes all over Maharashtra and more than 1300 hundred agents. With this number one can imagine number of investors and money involved in this scam. Out of 4000 investors of “Rose City “Pingori  project  more than 1000 are from defence establishments, large number of them are NRIs  and hence cannot file a complaint or depose before investigation Officer. That is the reason why only 200 complaints have been filed in EoW pune and few in Mumbai. Nobody from 42 other projects has come forward to lodge a complaint. And none of these investors in all these schemes have received any plot or their money back.


As the cases against TRREPL have been filed under Maharashtra Protection of interest of depositors Act ( MPID) also. Under this act authorities can seize, sell and compensate investors. But to happen those authorities have to recover proceeds of crime. Out of 1300 TRREPL agents some have received amount of more than one crore rupees. To avoid police custody some agents have shown willingness to deposit money received in this scam with police or court. However his number is very less. From others this money has to be recovered . Some of them have diverted these amounts to buy other properties or things. As per act these properties also have to be seized. And hence it is difficult for EoW Pune or Mumbai only to investigate and seize all the properties of TRREPL directors, agents and its associates. Considering these facts government needs to constitute Special Investigation Team ( SIT) or hand this case over to central Bureau of Investigation.

Related Stories

TRREPL Case; Classic example of Police Public Participation….

Temple Rose Plotting Scam Exposed

Temple Rose Real Estate Scam is an Organised Crime...

RTI Katta on Pune - Maharashtra Real Estate Scams

EoW Pune to Have Dialogue With Investors of Temple Rose Real Estate

Temple Rose Real Estate Investment Scammer sent to five day police custody in Pune

Devidas Sajnani behind the bars, other plotting and investment scammers stunned !

Lust of gullible investors for heavy returns is the reason behind flourishing fraud investment schemes


Number of fools who want to get cheated is multi million times more than the actual cheaters in Ponzi Investment

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Phone – 9923299199

                   http://surajya.org/
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Friday, February 10, 2017

Temple Rose Real Estate Scam is an Organised Crime...

Temple rose real estate scam is organised crime also. There is team of 15 to 20 persons who  are involved in this entire scam. You will find their names almost  in every temple rose project as a genuine buyer . But at the same time they are involved in land deals for same or other projects with temple rose directors in all over Maharashtra. They pretend themselves as genuine plot buyers to deceive other genuine investors  only.


Image Courtsey timesofindia

And that may be the reason when   temple rose real estate scam was exposed so many plot  buyers called this writer but very few turned up for the meeting held there after for any further action. This happened because genuine plot buyers are scared & scattered and   others  were just stooges of the company itself. Unless plot buyer get united, there is hardly any possibility of getting their money back or plot.


Fear of losing money already invested may be another reason that  duped  investors  don’t come forward to take action on such scammers.  One person wrote this writer after  he  read  post on Temple Rose city scam. He had  bought a plot in their Rose City PH-1, Pingori Project. He had already paid them EMIs for around 2 years and stopped paying since last 1.5yrs.When he visited their office in Pune they again convinced him but asked him to pay the remaining money after they get the NA. He eventually did nothing for 1.5 year. Now how can the plot that was not in possession of Temple Rose Real Estate (TRRE) and the plot Temple Rose Live Stock(TRLS)  has already sold can be NA? .

Another example is of rose city Phase VII .Actually Rose city phase I to VI were related to survey no 810 and phase VII was related to survey no 827.As per temple rose website there are still some plots available for sale. However they have already sold all that land . They had done same thing in case of rose city other phases.

Temple Rose have broke almost all laws , rules and regulation regarding land deals and income tax also. Off course they have done all these crimes hand with gloves of public authorities in Maharashtra. Needless to say they why such authorities would have done so. Under the Bombay Tenancy and Agricultural Lands Act, 1948, no person can purchase agricultural land in Maharashtra if he is not a farmer. As well there is ceiling on holding agriculture land by a genuine farmer and ban on dividing agriculture lands. Almost in all the land deals TRRE has executed with registration department there nothing mentioned how money for particular deed was paid or received?

Agreements with  plot purchasers are not done properly also .Actually documents for real estate have to be registered at the department of registration. Notarised sale deeds doesn’t bear any value. However notarization was also not done properly. When asked everybody denied that  notarization was done before the notary. Attesting affidavits in the absence of its executants or deponents and authenticating instruments without verifying the identity of persons coming for attestation and the fact of execution is illegal. And stamp paper that documents are notarized on has  to in the name of either of the parties to the Deed , that has also been not followed by Temple Rose.

So called Transparency is another funny part of Temple rose real estate scam. They have displayed names of the plot holder on their website. There is  “ view detail” option to check details of that certain plot. But to view that option you need to have application number. However none of the lot holder this writer came across had such application number.


In the nutshell everybody involved in  the activities of Temple Rose Real Estate Scam has played a significant role in its crime and hence it falls in the category of organised crime . Criminal activities that are planned and controlled by powerful groups and carried out on a large scale Fall in that category.

Related Stories

Temple Rose Plotting Scam Exposed



Number of fools who want to get cheated is multi million times more than the actual cheaters in Ponzi Investment


Subscribe for Free

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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
Email – kvijay14@gmail.com
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