DSK scam: Pune-based builder's son-in-law gets bail from HC

Published on Dec 24, 2021 09:17 PM IST

Bombay HC grants bail to Kedar Vanjpe, who was accused in Rs.2000 crore scam where investors were misled. 

The HC noted that the only role attributed to Vanjpe was of "facilitating the transaction of acquiring land at Fursungi".
The HC noted that the only role attributed to Vanjpe was of "facilitating the transaction of acquiring land at Fursungi".
PTI | , Pune

The Bombay High Court has granted bail to Kedar Vanjpe, son-in-law of Pune-based builder Deepak Kulkarni of the DSK group, accused in a 2000 crore scam where investors were duped. Kulkarni, his wife Hemanti, Vanjpe and others were arrested in 2018 under various sections of Indian Penal Code and Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, or the MPID Act. On Thursday, a single bench of Justice N W Sambre granted Vanjpe bail against a personal bond of 1 lakh.

In its detailed order, that was made available on Friday, the court said there is no evidence to infer Vanjpe had promised any depositor high returns. “As far as invoking of the provisions of MPID Act are concerned, there is hardly any material to infer the applicant (Vanjpe) had any time promised higher returns to depositors and lured them to deposit the amount with the company," the order said. Vanjpe's advocate Aniket Nikam argued two other accused in the case, director and authorized signatory Hemanti Kulkarni (Vanjpe's mother-in-law) and vice president and authorized signatory Anuradha Purandare, against whom there were serious allegations, were granted bail by the HC earlier. 

The women were accused of being instrumental in accepting deposits and also of actively participating in the transaction of acquiring land at Fursungi in Pune. Besides, Vanjpe has not been named as an accused in the proceedings initiated by Enforcement Directorate, and his involvement was not noticed even in the investigation carried out by Serious Fraud Investigation Office in January last year, argued Nikam. Special public prosecutor Pravin Chavan opposed the bail plea contending Vanjpe was part of the hatching of the criminal conspiracy, which can be inferred from the available material. 

The HC noted that the only role attributed to Vanjpe was of "facilitating the transaction of acquiring land at Fursungi". The investigation has not reflected that the applicant has received any part of ill-gotten money. Some parcel of land at Fursungi though was purchased in the name of applicant's wife, and she was already ordered to be released by this court, it added. The HC asked Vanjpe to attend the concerned police station in the first week of January, deposit his passport with police, not influence witnesses or tamper with evidence. 

As per the prosecution, the directors and executive employees of DSK hatched a criminal conspiracy by promising heavy returns in the form of interest on deposits, then diverted the funds received as deposits from the account of the company to the account of individuals, like the wife of the applicant. 

Get Latest India Newsalong with Latest Newsand Top Headlinesfrom India and around the world.
SHARE THIS ARTICLE ON
SHARE
Story Saved
×
Saved Articles
Following
My Reads
My Offers
Sign out
New Delhi 0C
Friday, December 09, 2022
Start 15 Days Free Trial Subscribe Now
Register Free and get Exciting Deals