Money Laundering
Img : dnaindia

ED i.e Enforcement Directorate recently attached the properties of DS Kulkarni in the money laundering case. The assets of worth Rs. 904 crores of the Pune-based renowned developer has been attached by the department.

This action is taken according to the provisions of the Prevention of Money Laundering Act, 2002. The department has seized land, buildings, flats, bank deposits, policies and various other assets of the DS Kulkarni.

Over 35,000 investors alleged that the developer has cheated them and according to the Enforcement Directorate the DSK group has gambled Rs 1,129 crore of the people in the deposit schemes that started along with his wife Hemanti and son Shirish.

The ED is taking stringent actions on various companies that work under the DSK Group of Companies and are involved in the business of real estate, automobile, sports, Information Technology and education sectors. All these companies run under the banner of D S Kulkarni Developers Limited.

The Department said that all three including DS Kulkarni, his wife and son formed eight companies in the name of DS Kulkarni and Company, D S Kulkarni and Associates, D S Kulkarni and Brothers, D S Kulkarni and Sons, DSK and Sons, DSK Constructions and DSK Enterprises under their flagship company with the aim to collect funds from people based in Mumbai, Pune, Kolhapur and other cities of Maharashtra.

The Enforcement Directorate further said that all the firms were shown as the part of flagship DSK group of companies and these eights firms were not even having a profitable business. The trio dishonestly collects funds from people between 2006 and 2017 under multiple deposit schemes via these eight firms.

The DE also said that the trio prepared the plan very well in multiple layers and integrated the plan to raise funds via eight companies including multiple high-valued transactions. The department also said that fraudulently collected money was initiated to purchase land in both India and in the United States of America.

Earlier, DS Kulkarni and his wife Hemanti were arrested in the cheating case that was registered in the Shivajinagar police in February 2018. The case was registered by an elderly person against the developer for not returning this fixed deposit.