Pune: Providing yet another lifeline to fraud-accused builder Deepak S. Kulkarni, the Supreme Court on Friday granted the developer an extension of four weeks to repay investors.
However, while disposing off the special leave petition (SLP), the Bench comprising Justices Adarsh Kumar Goel and Uday Umesh Lalit made it clear that no further extension would be granted after January 19, 2018.
“We respect the Supreme Court’s directive. All money will be returned to investors within the stipulated time frame [January 19, 2018] as directed by the court. No one will be cheated of their rightful money. The apex court, through its order, has expressed confidence in us. We hope that our business will soon be back on track,” said Mr. Kulkarni, through a statement.
The developer and his wife, Hemanti, accused of duping thousands of investors across Pune, Mumbai and Kolhapur, had filed an online SLP in Supreme Court on December 20 seeking further extension of interim relief in a bid to stave off arrest.
On December 19, the Bombay High Court, after providing an extended breather to him for a fortnight, had cancelled Mr. Kulkarni’s adinterim relief, following which the Pune police claimed the builder was ‘absconding’.
The HC rejected any extension of Mr. Kulkarni’s relief after the DSK Group failed deposit ₹50 crore in the court registry within the stipulated fortnight.
A total five of FIRs across Pune, Mumbai and Kolhapur have been lodged against the developer and his family since October 28, with more than 3,000 investors filing cheating complaints against Mr. Kulkarni.
More than 8,000 persons, a majority of them senior citizens, are said to have invested in the DSK group’s fixed deposit (FD) scheme. The developer is said to owe an excess of ₹600 crore to investors.
On November 8, a special court in Pune had quashed the interim bail application of Mr. Kulkarni and his wife.
The Kulkarnis, facing prospect of arrest, had then moved the Bombay High Court against the Pune court’s order and were granted interim relief, which was extended periodically for nearly a month on promise of repayment to investors.
