Wire transfer of Rs 51 crore done, RBI clearance will take 3 days: DSK Group to HC

The affidavit said the money could then be handed over to the group’s investors.

Dilip Arvind Parbhune, DSK group, OCBC Bank of Singapore, Pune News

Deepak Sakharam Kulkarni

On the last day of the latest extended deadline to deposit money for its investors, the DSK group today told the High Court that it had already initiated the wire transfer of Rs 51 crore from an account in a Singapore-based bank.

An affidavit filed by Dilip Arvind Parbhune, the managing director of a sister concern of DSK group, said details of the wire transfer had been confirmed by the OCBC Bank of Singapore, and the money would be realised after three days — the normal time taken for clearance by Reserve Bank of India for such transfers from abroad.

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The affidavit said the money could then be handed over to the group’s investors. The Bombay High Court had, earlier this week, asked the DSK group to submit Rs 51 crore in court. The group has been accused of cheating 2774 investors to the tune of Rs 200 crore. The company denies charges of cheating and claims it is in the process of returning money to all its depositors.

Hearing the matter, Justice Sadhana S Jadhav said she wanted this matter to be completed in two to three weeks. She asked DSK Group’s counsel Niranjan Mundargi to come with a chart explaining the liability to bank and investors by February 1. “I have no hesitation to send this man to custody,” she added. The affidavit filed by Parbhune also stated that the group would make sure the amount of Rs 51 crore was deposited in Bank of Baroda by February 1. The special public prosecutor told the court the investigating agency was ready and willing to implement the auctioning process of the properties owned by Kulkarni and his wife Hemanti.

Mundargi told the court, they would submit a list of the properties with clear title as well as the value of the mortgaged properties on February 2. The special public prosecutor said he would also ascertain and verify the same and file an appropriate affidavit to that effect. The prosecutor also said they would submit a letter to the banks to put the mortgaged properties to sale to realise the sale deposits. Mundargi also said the applicants won’t obstruct any auction proceedings and would in fact cooperate. The court, meanwhile, extended till February 5 the interim bail of Kulkarni and Hemanti.

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