Friday, January 26, 2018

Funds transfer confirmed, HC relief to DSK for now

D. S. Kulkarni

PUNE: The Bombay high court on Thursday extended the interim protection to developer D S Kulkarni and wife Hemanti till February 5 after an affidavit was furnished confirming money transfer from a Singapore-based bank to the account of one of his companies.

Kulkarni, popularly known as DSK, and his wife have jointly moved an anticipatory bail plea in a case under the Maharashtra Protection of Interest of Depositors (MPID) Act registered by the Pune police economic offence's wing for allegedly cheating over 2,600 depositors. The HC has since directed him to deposit Rs 50 crore with the court's registry to show his bona fide.

On December 22, Kulkarni's lawyer had furnished two documents relating to money transfer of $40 lakh each, initiated from a foreign bank to one of the companies, of which DSK is a director. The total transaction of $80 lakh is equivalent to approximately Rs 51 crore. Justice Sadhana S Jadhav, hearing the matter, had then adjourned the matter till Thursday.

The affidavit, filed on Thursday by a client with whom Kulkarni had entered into a transaction, stated that OCBC Bank (in Singapore) has confirmed via e-mail on January 24, 2018 details of the money transfer and the amounts have been transferred from the foreign bank. The high court was informed that since it is a foreign transaction, the process of Reserve Bank of India (RBI) clearance would take three days for actual realisation of funds.


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