The Bombay High Court rejected the bail application of builder Deepak Kulkarni of the Pune-based DSK Developers, arrested in 2018 for allegedly duping investors to the tune of Rs 2,000 crore. Justice P D Naik, however, bail granted to Kulkarni’s wife Hemanti who is also an accused in the case.
Kulkarni and his wife were arrested on February 17, 2018, for allegedly duping over 32,000 investors to the tune of Rs 2,043 crore by not returning their fixed deposits or paying promised interest.
They were booked under relevant sections of the IPC as well as the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act (MPID Act).
The couple had sought bail on the grounds of advanced age and health condition.
After charge sheet was filled, there had been no progress in the case and their custody was not required, the Kulkarnis said in the plea, adding that they had already repaid Rs 1,997 crore to investors.