I have applied for anticipatory bail in connection with the case, says DS Kulkarni | pune news | Hindustan Times
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I have applied for anticipatory bail in connection with the case, says DS Kulkarni

DS Kulkarni, the founder and former chairman of DSK Group, is under pressure to return money taken from investors.

pune Updated: Nov 04, 2017 00:03 IST
HT Correspondent
DS Kulkarni, the founder and former chairman of DSK Group.
DS Kulkarni, the founder and former chairman of DSK Group.(HT PHOTO)

Pune Under the scanner of the Pune Police’s Economic Offence Wing (EOW), DS Kulkarni, the founder and former chairman of DSK Group, is under pressure to return money taken from investors. However, the real estate developer, while speaking to Hindustan Times, said it will be difficult for him to return money if the police arrest him.

Following are the edited excepts of DSK’s interview

On EOW investigations

If I am arrested, then who will pay investors. Unnecessary panic has been created due to negative reporting in the media and a section of investors. I don’t blame any of them as it but natural for them to react. The DSK Group will fulfil its commitment to the investors and pay each and every investor who has invested with us slowly and gradually. The entire payment cannot happen in one go and will take some time. Negative reportage scares away the buyers of our real estate and results in payment delays.

On repayment plans

DSK Group has a very good track record of repayment to its investors. Our brand has always been associated with honesty and integrity and we have never let our investors down.If a vested section creates a panicky situation then the repayment gets delayed. I will pay each and every person, but they must be ready to give me time.

On what went wrong

The DSK Group was affected by factors like demonetisation, my personal accident and the Rera Act. The group withstood all the odds and will pay all the investors.The repayment track record of 35 years is testimony of my credentials in society. I had to face problems due to these unavoidable circumstances and it will take time to come out of the crisis.

On how much money investors are owed

We owe Rs 600 crores to our investors who have invested their amounts for 22 years. Their investments are reaching maturity and that amount will be returned to investors. Every week I am paying between Rs 12 crore and 15 crore to them.

On court proceedings

I have submitted a writ in court which states that the group has the capacity to generate a revenue turnover of Rs 12,000 crore in the next five years.Last year, we refunded an amount to the tune of Rs 200-Rs 250 crore.I have applied for anticipatory bail in connection with the case.