Pune: The Central Bank of India will auction the land parcel of DS Kulkarni’s company in Balewadi and the reserve price of the land has been kept at Rs 66.39 crore. The plot, located at survey no. 44, is owned by DS Kulkarni Developers Ltd’s director Hemanti Deepak Kulkarni.
Real estate developer Deepak Sakharam Kulkarni, popularly known as DSK, and his wife Hemanti, have been arrested for allegedly duping over 4,300 investors to the tune of Rs 325 crore.
The bank had taken possession of the land on November 6 last year and issued a sale notice on February 18 in a vernacular newspaper to auction the plot located near Mula river on March 8.“It is an open plot admeasuring about 3.5 hectares,” an official of the bank told Sakal Times.
As per the notice, DSK’s company has failed to repay the loan taken from the bank, hence the mortgaged land will be auctioned for Rs 66 crore to recover the loan amount under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. The loan was taken by DSK Global Education and Research Limited from the bank’s Deccan Gymkhana branch.
The bank has also taken possession of plots in Phursungi, which are owned under the name of DSK Global Education and Research Ltd. This is the same location where the group runs its school.
The couple and other office bearers of the DSK Group were booked on October 28 by Pune police’s Economic Offences Wing (EOW) after a few depositors alleged that the group had not repaid their sums. The number of complainants has reached 4,300 till February 16 this year. At present, Kulkarni is undergoing treatment at a private hospital after he fell unconscious in police lock-up, while his wife is in police custody.