DSC FRAUD CASE
HC recorded the banking operations while he was giving her bail in a multi-crore scam
The Bombay High Court (HC) on Tuesday granted Sai Vanjape, 39, the niece of detained real estate developer Deepak Sakharam Kulkarni, bail of 2,043 rupees in connection with a fraud case. Sai was arrested in May 2018 and has been held in Yerawada Central Prison since then. HC released her on bail and found that “the misappropriated amount of 17.32 rupees had gone to the corpus of DSK developers, clearly showing that the main culprit, Deepak Kulkarni, is the beneficiary”.
Judge Nitin W Sambre passed the order under various conditions. The son-in-law of Deepak Kulkarni’s brother Kedar Vanjape and his wife Sai was arrested by the Pune Criminal Police’s Economic Offenses Wing (EOW) in May 2018 for alleged involvement in the fraud case involving 32,000 investors.
According to EOW officials, the Vanjape couple played an important role in the diversion of the public deposits. The police also found their involvement in the Phursungi land agreement.
Since 2010, Deepak Kulkarni and his wife Hemanti have been luring people to invest money in the programs of DS Kulkarni Developers Limited (DSKDL) and eight other partner companies to ensure attractive returns – from 10.5 percent to 12.6 percent interest per year . Later these deposits were diverted to the accounts of family members of the DSK and then again to the accounts of Deepak Kulkarni, Hemanti, their son Shirish, and others.
Attorney Aniket Nikam, who represented Sai, said, “If the allegations made in the indictment and the supplementary indictment are honored, the main thrust will be against Deepak Kulkarni. Although the present applicant’s account (Sai) shows transactions in which payments were made for the purchase of land in Phursungi and a certain amount was also returned to DSK Developers and DS Kulkarni and Company, these transactions were made as part of the signature of Anuradha Purandare, who happens to be the sister-in-law of the main accused Deepak. ”
He added: “The power of attorney was executed on behalf of the main accused, DS Kulkarni, in favor of Purandare von Sai, who was misused to illegally transfer the funds to the company’s account. The charge sheet on the case is filed and the investigation is closed. Your continued detention will hardly matter. ”
The Special Prosecutor Pravin Chavan denied the request for bail. He said, “There is sufficient evidence to suggest the defendant’s prima facie involvement in a serious financial crime. The pending sanction proposal to seek permission to break bail was granted earlier to other defendants. ”
While the HC was providing bail to Sai, it noted that in relation to the allegations against them, “it should be noted that the bank account is opened and operated in the applicant’s name. The amount of embezzlement is reflected in the applicant’s account statement and was forwarded to the corpus of the DSK developers. It appears from this transaction that the main accused, Deepak Kulkarni, is the beneficiary. It is a criminal prosecution case that the applicant’s bank account was held by the principal accused’s sister-in-law under the power of attorney and that she completed all of the aforementioned transactions, including payment to landowners of Phursungi. ”
If the allegations made in the indictment are honored, the main thrust against Deepak Kulkarni is
DAdvocate Aniket Nikam
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