NOT all investors seem to be losing sleep over the money they have deposited with D S Kulkarni Depositors Ltd. While many of them, who make daily rounds of Kulkarni’s office on J M Road, are visibly nervous and shaken, as they fear that they won’t get their money back, there are some who have “full faith” in the real estate developer. They believe that Kulkarni will return their money, along with the due interest.
“I have been an investor for 25 years. I have received interest, first at the rate of 10 per cent and now at 12 per cent, as a senior citizen for 25 years… I have no reason not to trust the firm,” said Sharad Mandhare, a resident of Rasta Peth.
Mandhare has invested Rs 70 lakh under his name, his wife’s name and children’s name in the fixed deposit scheme run by the listed company. He said that since the last 25 years, he had received money from Kulkarni’s firm every month, and therefore he was not worried about the safety of the principal amount deposited with the firm. “This amount has been invested in the last five years and I have been paying TDS as well,” he said, as he stood outside Kulkarni’s office on J M Road.
Citing an instance of “promptness” by Kulkarni’s firm, Mandhare said, “Sometime ago, when I required Rs 44 lakh to purchase a property, I requested the firm to return the amount to me. In flat three days, the amount was in my account”.
Mandhare claimed that the firm was currently not able to return its investors’ money because hundreds of investors wanted the money at one go. “This, I think, has created a problem for the firm…There is unnecessary panic among the investors. I still believe we should trust him, he will return the amount,” he said.
However, not all investors agree with Mandhare. Among them are Dinesh and Snehal Jadhav, who have been visiting Kulkarni’s office for the past nine months. “We have invested Rs 3 lakh and are expecting the maturity amount in the near future. For nine months, they have been telling us that they will return the amount, but there is no sign of the money yet… we hope they keep their word,” said Snehal.
Dinesh claimed that the firm didn’t seem to even be bothered about investors who were ill. “At least those who are seriously ill should be cared for. Their amount should be returned instantly. But this does not seem to be happening….,” he said.