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DSK seeks to raise money through crowdfunding

Jogalekar says crowdfunding has proved to be one of the most effective mediums in bailing sick companies and banks out of financial crisis.

pune Updated: Feb 09, 2018 17:14 IST
HT Correspondent
HT Correspondent
Hindustan Times, Pune
DS Kulkarni,Mandar Jogalekar,Pune
DS Kulkarni (left) and US-based businessman Mandar Jogalekar at a press conference in Pune on Thursday.(HT PHOTO)

Pune-based real estate developer DS Kulkarni on Thursday appealed to residents to donate money to help his firm to come out of the financial crisis and said that crowdfunding was the only option before him. During a hugely packed press conference, Kulkarni was accompanied by US-based businessman Mandar Jogalekar who has started Global SETU Foundation to assist DSK in mopping up funds to the tune of Rs 50 crore to bail him out of the crisis.

Jogalekar said that crowdfunding has proved to be one of the most effective mediums in bailing sick companies and banks out of financial crisis. “Global SETU is the same model through which we will positively raise finances and help him in his times of distress. DSK has very high brand value and people know that DSK will not cheat people. We are confident that the necessary finances will be raised and DSK Group will bounce back successfully,” he said.

When quizzed on where did his working capital had gone, DSK said, “It is a very sensitive issue and the matter is currently with the high court. All necessary information has been given to the court by my lawyers.” He said that right from college students, common citizens, social workers and businessmen are helping him with finances to overcome the crisis. “People are contributing with smallest denominations and also releasing cheques, which is a welcome development. The amount collected from crowdfunding and my own contribution will add to the refund amount,” he added.

RTI activist Vijay Kumbhar said that DSK has once again resorted to begging. “Before this he had sought funds in the name of Brahmin, Marathi Manoos and Marathi industrialist. What happened to those funds? Who will raise funds for the investors?. We may recall the case of one time associate of DSK Vinay Phadnis who ran into problems in the same way.Why did not DSK and his associates help Phadnis at that time?” he said.

The multi-crore DSK investor cheating scam has now been handed over to Serious Fraud Investigation Office (SFIO) instead of the Economic Offences Wing (EOW) of Pune police. A decision to the effect was taken by the ministry of corporate affairs.Meanwhile, the prominent real estate developer DS Kulkarni and his wife Hemanti visited the Pune Police commissionerate and were questioned by the EOW sleuths.

The Bombay high court on Monday had directed DS Kulkarni and his wife Hemanti to report to the economic offences wing (EOW) every day from February 7 to 11 and cooperate with the ongoing financial probe into a case under the Maharashtra Protection of Interest of Depositors (MPID) Act lodged by the depositors.

First Published: Feb 08, 2018 23:45 IST