Pune: City-based developer DS Kulkarni is set to start returning funds against matured fixed deposits (FDs) made by investors, from January 2018. Around 8,000 to 10,000 persons from various parts of the State have invested in FDs with DSK Group to the tune of Rs 450 crore. Speaking to Sakal Times, DS Kulkarni said, “In the next five months, we will start returning the maturity sum against the deposits that people have made with us. The FDs will not be renewed.”
The declaration comes in light of repeated visits by investors to the DSK Group office seeking money. A 70-year-old man, who had made an FD of Rs 25 lakh with DSK, said, “For the last six to eight months, we have stopped receiving the interest for our deposit. We are struggling to make ends meet and need the money. About 80 per cent of the depositors are senior citizens and we are defaulting on our bill payments, loan repayments, etc, as the earnings from the deposit has stopped.”
“We do not have anything against Kulkarni in person. I have invested my life’s earnings and we just want a guarantee that our money will be returned and a proper idea on how he plans to return the same,” he said.
Another depositor said many persons have been unable to fund their children’s education or pay hospital bills as the money has been blocked. “People are struggling and pay a visit to DSK office everyday to seek money, even if it is only the regular monthly interest. With that money, we can carry on with routine life and have an assurance that our money will be returned,” he said.
About 300 such depositors visited the DSK office for a meeting on Saturday morning, where they were told that the principal amount will be returned in 12 installments. “Most of the depositors have been investing in the DSK group for a couple of years and they have never defaulted in the payment. It is just in the last few months that we have stopped receiving the money. We invested here as we trusted him and we still trust him,” he said.