A special court in Pune on Friday rejected bail applications filed by real estate developer Deepak Sakharam Kulkarni alias DSK and his wife Hemanti, who have been accused of cheating thousands of investors of Rs 2,043 crore.
DSK, his wife Hemanti, and son Shirish had filed applications seeking bail before the special court, while his daughter-in-law Tanvi, daughter Ashwini Deshpane and a family member, Swarupa Kulkarni, had filed anticipatory bail pleas.
Special Judge Jayant Raje passed an order on Friday rejecting the bail applications filed by DSK and Hemanti. No order has been passed yet on the remaining bail and anticipatory bail applications.
During the hearings, defence lawyers had argued that the accused had no criminal intention and there was no default in repaying investors till 2017. The defence had also argued that DSK’s firms were registered and legal, and the accused paid taxes to the government regularly.
However, the prosecution had opposed the bail applications, claiming there was evidence to show that accused had committed an offence with criminal intent and it was a deep-rooted conspiracy. The prosecution had also argued that the accused took huge loans from banks for one purpose, but the money was diverted and used for other purposes.
The accused in the case are facing charges under sections 406, 420, 409, 120 (b), 34 (pertaining to cheating and criminal breach of trust of the Indian Penal Code, sections of the Maharashtra Protection of Interest of Depositors (MPID) Act and sections of the Prize Chit and Money Circulation Banning Act.
Fifteen people have been named in the case, of whom 10 have been arrested and chargesheeted. The prosecution is likely to submit a supplementary chargesheet next month against the remaining accused.
DSK, Hemanti, Shirish and some of the other accused are currently lodged in Yerawada central jail in Pune.