E-Paper
SDPO submits application before MPID court, seeking auction of 195 DSK properties
According to government estimates, the real estate in the state’s possession is estimated to be worth over ₨ 572.12 crore
The Maval-Mulshi sub-divisional officer (SDPO), Surendra Navale, has filed an application before the Mumbai MPID (Maharashtra Protection of Interest of Depositors) Court, seeking an auction of 195 seized properties belonging to the DSK group. According to government estimates, the real estate in the state’s possession is estimated to be worth over ₨572.12 crores.
The administration has prepared a list of the seized properties of the DSK group that do not have any encumbrances from banks and semi-government or government institutions including non-banking financial institutions. Besides, the authorities have furnished the list along with the current prices of the properties as per an official communication from the Inspector General of Registration and Stamps regarding the properties slated to be auctioned.
The investors’ counsel had petitioned the court seeking an auction of the 195 properties but in the absence of any decision, the SDPO moved an application before the court seeking the auction. The administration has published two notifications, putting the list of properties in the public domain. The investors’ lawyer said, “The 195 properties belonging to the DSK group have clear titles and don’t have mortgages of any kind with the banks. Auctioning them will yield good revenue generation which can be used to refund the investors. The depositors are hoping for an early decision as they want an early end to their long pending financial woes.”
The DSK group properties mentioned in the application are located in Bavdhan, Balewadi, Baner, Ahmednagar Road, and Perne Phata.
It was in July 2022, nearly 40 months after his arrest that Pune’s prominent real estate developer, Deepak Sakharam Kulkarni, popularly known as DSK, was granted bail by the Supreme Court in connection with the ₨2,043 crore investors’ fraud case. The city police had lodged a case against him at the Shivajinagar police station on October 28, 2017. The realtor was booked under sections 406, 409, 411, 418, 420, 465, 467, 468, 471, 109, 120-B and 34 of the Indian Penal Code (IPC), 1860, and sections 3 and 4 of the MPID Act. In February 2019, the Enforcement Directorate (ED) had attached properties worth ₨904 crore belonging to the DSK group in connection with money laundering.
Scores of investors have expressed their concerns over the slow pace of refund work currently underway and are worried that their fight against the beleaguered real estate developer has continued for too long. According to the investors, constant follow-ups have brought no results as they were unable to get any clarity from the police officials or other stakeholders. Recently, a group of over 100 depositors had filed an objection to the application filed by ED officials, stating it would be difficult for them to travel from Pune to Mumbai as a majority of them are senior citizens.
