Cheating case: 'DSK, kin misappropriated Rs 184 cr in land deal'

Builder D S Kulkarni's brother Makrand, arrested in connection with a Rs 2,000-crore cheating case, had allegedly sold a land to DSK Developers at an inflated rate and "misappropriated" Rs 184 crore through the deal in connivance with the main accused, a court was told on Wednesday.

On the request of the prosecution that the police wanted to probe Makrand for this transaction and verify his bank accounts, Additional Sessions Judge A S Bhaisare remanded him in police custody till August 17.

Makrand (66) was detained at the Mumbai airport on Tuesday when he was about to fly abroad.

A lookout circular was earlier issued against him by the Pune police since he was on the run after his anticipatory bail plea was rejected by a court.

In May last year, the Pune police had filed a chargesheet against city-based builder D S Kulkarni, also known as DSK, his wife and others for allegedly cheating nearly 33,000 depositors and investors of nearly Rs 2,043.18 crore.

Makrand is also an accused in the case.

According to the prosecution, Makrand was involved in misappropriating Rs 184 crore through a land deal between 2006 and 2008.

"It has been noticed that the present accused (Makrand) was involved in the conspiracy (hatched) by D S Kulkarni, his wife and family members. It has been revealed that the present accused misappropriated Rs 184 crore through the land deal," Public prosecutor Pravin Chavan said while seeking Makrand's police custody.

The police had said the land, located on the outskirts of Pune, was allegedly purchased in the name of Makrand.

"In the next one to two months, the said land was sold to DSKDL (DSK Developers Limited) at a much higher rate. The excess amount was misappropriated as part of a conspiracy," Chavan said.

"Since Makrand's role has been established, police would like to question him over this transaction and verify his bank accounts," he added.

According to a complaint filed in 2017 by one of the depositors, Jitendra Mulekar, investors put in lakhs of rupees in a deposit scheme of DSK Developers, but they neither received the interest nor the principal amount for months.

The Economic Offences Wing (EOW) of the police had earlier booked the Kulkarnis under various provisions of the Maharashtra Protection of Interest of Depositors (MPID) Act and Indian Penal Code sections 420 (cheating and dishonestly inducing delivery of property), 406 (criminal breach of trust) and 34 (common intention).

Around 15 people have been named as accused in the case and 10 of them have so far been arrested, including DSK and his wife, who are currently lodged at the Yerawada jail in Pune.