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Tuesday, December 12, 2017

Government to attach all 300 properties of DSK anytime soon

ACP Milind Patil of Economic Offences Wing (EOW), Pune Police, announces in F D Holders meeting:

Government to attach all 300 properties of DSK anytime soon

So far we have identified some 300 properties of DSK Group Companies and their associates.

As per the procedure of MPID Act - Maharashtra Protection of Interest of Depositors - we have submitted the report to District Collector of Pune.

We are expecting that very soon Government of Maharashtra will issue an order to attach all these properties.

After the order is published in the Official Gazette, all these properties & assets will remain with the Competent Authority - Deputy District Collector - till the court order.

Generally the process of identifying properties & assets of the scammer is very time taking - but after taking charge of the case on 21st November, I had submitted the report in a very short period of time - on 23rd of November.

ACP Milind Patil announced this in the meeting of F D Holders on last Saturday evening at Police Parade Ground.

EOW of Pune Police had organized this meeting to share the progress of the case (Case Number 347/17) with the victims of DSK & Hemanti - D S Kulkarni & Hemanti Kulkarni - Bunty & Babli of Pune.

ACP Patil also said that EOW has appointed Forensic Auditors to investigate money transactions & money siphoning done by DSK.

After sharing the updates, ACP Patil answered questions of the F D Holders and cleared their doubts.

For the first time in the last 2 years I saw a smile on the faces of the victims of DSK. The meeting went on for an hour. More than 300 F D Holders of DSK - mostly senior citizens - attended it. Many times in the meeting they gave rounds of applause to ACP Patil!

It looks like the F D Holders have found an answer to DSK's question - "Who will return your money if I go to jail?"

The answer was - "MPID Act, Judge, Government of Maharashtra, Pune Police, District Collector - all are doing their best to return the money!"

Here are a few important questions F. D. Holders asked:

1) When are we going to get our money back?

After they became sure that they are going to get their money back - obviously, everyone wanted to know when!

That's why ACP Patil explained the procedure of MPID Act -

Police job - along with the forensic auditors - is to investigate where the money has gone & identify properties & assets of DSK and submit the report to the Competent Authority - District Collector.

Under the direction of revenue department of Maharashtra Government - the competent authority will attach & auction the properties, assets owned & diverted by DSK.

And as per the direction of fast track MPID court moneys will be distributed among the F D Holders.

This process takes time. So be patient.

2) Considering that DSK has no encumbrance free property - do you think that all of us - F D Holders - will get all of our money back?

We will come to know about this only after forensic audit

- however my first impression is that

- though 99.99 per cent properties of DSK have encumbrance

- at least those who have registered complaints may get their money back

- mainly because MPID is for the protection of the depositors

- but keep in mind that ultimately MPID court has the authority to distribute the money

- police have no say in it.

3) If some DSK supporter changes his mind in the 3rd or 4th month of 2018 - can he register complaint - means is there any dead line for registering complaint?

No. There is no dead line. You can register your complaint till the case is in the court.

4) Alongwith Pune, FIR is registered against DSK at Mumbai & Kolhapur - what about the F D Holders in Marathwada, Vidarbha, Khandesh and in other states - where can they register their complaints?

F D Holders in Mumbai & Kolhapur should register their complaints in their cities. F D Holders in other cities - where FIR is not registered - can file their complaints with EOW of Pune Police.

5) What should those do who have already accepted 12 months repayment offer and returned their original cheques?

As per MPID Act refusing to return deposit - on the day of maturity - or even if you demand your deposit back before the date of maturity -

and not paying timely interest is a crime.

Renewing deposit because DSK refused to repay means the crime has been committed. Now, file or not to file complaint - is up to you!

6) My FDs are maturing in January & March 2018 - since DSK's bank accounts are frozen - I know my cheques are going to bounce - what should I do?

Means you want to know - whether to deposit the cheque or not - right?

It's up to you.

Whenever you want you can file your compliant with Pune Police.

7) DSK is pressuring F D Holders by sending SMSs & letters to renew the deposits and forcing them to accept 12, 15 months repayment offers. DSK is also trying to influence & trick F D Holders by publishing interviews in the newspapers saying that - in the next 12 months he is going to return money of all F D Holders. DSK's intention is to stop F D Holders from going to police. Is this allowed by the court? Is this legal?

Trying to force, pressurize, influence, threaten the victims is an offence.

I am going to take action against this.

8) "What will happen if DSK fails to pay 50 Corers on 19th of December in Bombay High Court?"

I know that most of the F D Holders are curious to know.

As per the court order, you know, the bail will be automatically terminated.

"Will you arrest DSK?," someone asked.

"There is no point in talking in the terms of "Jar Tar"," ACP Patil said.

On this some clapped & smiled!

Means they were very much convinced that F D Holders will get their money back only if DSK goes to jail.

Their decision to file compliant was absolutely right.

9) DSK is telling people that he will deposit 50 crore - even more - only if court lets him distribute it as per his wish. I do not want to go to his office & beg for my own money. Is it possible?

1) Depositing 50 crores is the clause for the bail.

2) Accused has no say.

3) MPID Court is the authority.

Means you don't have to worry.

10) Sir, my father is 93 year old. His FD is really very big. All of his money is with DSK. He is very frustrated and very sad. Considering his age, as a special case, can you do something by going out of the way?

I can not go out of the way. Though, I understand your pain. I am bound by the law.

Many F D Holders are senior citizens - 80 - 85 year old - living all alone - whom coming to EOW is difficult - when they call me - I tell them to courier or post their complaints. I can't do more than this.

ACP Milind Patil told the F D Holders that he will organize next meeting when there is something important to share.

However, anyone who is in distress - can see him between 3 pm to 5 pm at EOW in the office of Pune Police Commissioner near GPO.

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  1. Good to see the Police are doing their job well & hope politicians like Raj Thakre don't poke their nose to defend a crook builder. He & his party are best suited to break name boards in English & Gujarathi (doesn't break Urdu boards though, wonder why ? Vote bank politics ?). Sometimes I doubt whether there is any financial connection between MNS & DSK because if it had been only so called Marathi manoos issue, this politician should have supported bankrupt Phadnis group whose builder is in jail as well as another bankrupt builder Darode-Jog.

    This is the latest news about yet another bankrupt builder, who was once India's second biggest real estate developer. This too has striking similarities with DSK.

    The Unitech story: Rise and fall of the realty player -
    At the turn of the century, Unitech was a rising star with a high market cap and the badge of India’s second largest developer; today it's existence is in danger.


  2. The updates are quite encouraging. However, with 99% of DSK properties having other encumbrances, what is the possibility that a refund will trickle into the pockets of FD holders? That too when the deposit scheme is not approved by RBI? The banks and financial institutions will first prey on the assets. Any comments?

    1. This is the major issue in front of such greedy &/or ignorant investors.
      Legally, it will be the banks, NBFCs who will have first right on builders' properties as they have been kept as collateral. The only silver lining will be for flat buyers who have their agreements registered that RERA will ensure that some compensation is paid but the FD holders are more or less ram bharose.