Real estate developer DS Kulkarni and his wife Hemanti, who have been booked on charges of cheating several investors, are untraceable and believed to have left the city, according to officials of Pune City Police. The interim protection from arrest, granted to them by the Bombay High Court, was vacated on Tuesday, after Kulkarni’s DSK Group failed to deposit Rs 50 crore within 15 days, as promised by them.
The group has been accused of duping 2,774 investors of several hundreds of crores of rupees. There are at least three FIRs, filed by different depositors, registered against the company and its top executives. However, Kulkarni has strongly refuted the charges, claiming that his company is financially sound and has the capacity to repay all its pending dues.
On December 4, the company had told the High Court that it would deposit Rs 50 crore with the court within 15 days, after which the court had granted protection from arrest to Kulkarni and his wife. On Tuesday, as the court had not received the money, the protection granted to them stood vacated. A senior officer from Pune City Police said, “We have launched a search for DS Kulkarni and his wife… as now, there is no court order barring us from arresting them… they are untraceable and as per our primary information, they have left the city. We are using all our resources to find them and as soon as they are traced, they will be put behind bars.”
Following a complaint lodged by a 65-year-old depositor, the first FIR was lodged against the couple at the Shivajinagar police station on October 28, under sections 406, 420, 409, 120 (b), 34 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. Subsequently, two more FIRs were registered against the two.