DEEPAK SAKHARAM KULKARNI Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) The applicants have preferred these applications for bail in connection with C.R.No.347 of 2017, registered with Shivaji Nagar Police Station, Pune, on 28/10/2017, for the offences punishable under Ss. 406 and 420 read with 34 of Indian Penal Code ("IPC", for short) and Ss. 3 and 4 of The Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act (MPID Act", for short). Subsequently, Ss. 409, 465, 467, 468, 471, 477 A, 120 -B and 34 of IPC as well as Ss. 3, 4, 5 and 6 of Prize Chits and Money Circulation Schemes (Banning) Act, were also invoked. Applicants were arrested on 17/2/2018.

(2.) The complaint was lodged by Jitendra Mulekar alleging that D.S. Kulkarni Group of Companies Limited had published an advertisement in the local newspapers inviting the investments. It was represented that in the event the senior citizen invest the amount, they would earn an interest of about 12.5 percent. The complainant approached the office of the accused. He was appraised with the investment schemes. The complainant agreed to invest. The complainant and other family members invested an amount of Rs.11,50,000.00. The investment was done with the companies of DSK Group viz. D.S. Kulkarni and Brothers, D.S. Kulkarni and Sons from 2014 to 2015. The complainant was expecting interest of Rs.4,31,232.00. He received an amount of Rs.1,40,585.00. However, from 28/2/2027, onwards, the complainant did not get any interest on the investments made by him and his family members. On approaching them, excuses were given to him. Cheques were issued to him which were dishonoured when deposited with the bank. Supplementary statement of the complainant was recorded on 22/11/2017, wherein he gave further details of the investments made in the company. Several investors had invested huge amount and the promises made to them were not fulflled.

(3.) The applicants had intially preferred application for anticipatory bail before the Court of Sessions at Pune. The said application was rejected.