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EOW files 37,000-page chargesheet against Pune builder DSK and

Press Trust of India  |  Pune 

police's economic offences wing (EOW) today filed a 37,000-page chargesheet against city-based builder D S and his wife on charges of committing a Rs 2043.18 crore fraud by collecting funds from investors on promise of good premium and duping them.

The total scam is worth Rs 2043.18 crore wherein the accused floated nine different firms tosiphonoff the funds collected from 33,000 investors and fixed-deposit holders who were promised good returns on their FDs, it said.

The chargesheet was filed in the court of special judge J T Utpat.

Of the total scam amount, the deposit and loan fraud is to the tune of Rs 1083.7 crore, and non-financial institutions-related fraud of Rs 711.36 crore, debentures fraud of Rs 111.35 crore and fraud related to Phursungi land purchase of Rs 136.77 crore, EOW officials said.

A said the role of some nationalised banks has also come under the scanner for sanctioning loans to the builder without following proper due diligence.

and his wife are accused of duping several investors over years.

According to a complaint filed with the EOW by one of the depositors, investors put in lakhs of rupees in a fixed-deposit scheme of the DSK Developers but they neither received the interest nor the principal amount.

The EoW had booked the couple under relevant sections of the Maharashtra Protection of interest of (MPID) Act along with sections 420 (cheating and dishonestly inducing delivery of property), 406 (Punishment for criminal breach of trust) and 34 (Acts done by several persons in furtherance of common intention) of the Indian Penal Code.

The developer and his wife were arrested from on February 17 this year by police.

Besides the couple, police arrested four more people including DSK's and his wife.

According to prosecution, Kulkarni's firm collected over Rs 1,000 crore in the form of deposits and unsecured loans, which was "systematically" diverted in a "pre-planned" manner.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 17 2018. 23:05 IST