Wednesday, August 9, 2017

DSKDL public Limited Company or Criminal Enterprise?

Do you remember a song ‘Aisa Koi Saga Nahi, Jisko Thaga Nahi’ from hindi movie  ‘Bunty Aur Babli’ starred by Amitabh, Abhishek bacchan  and Rani Mukharjee ?

Adopting the names of 'Bunty' and 'Babli', , Abhishek  and Rani successfully pull off con after con, looting people dressed as local guides, religious priests, health inspectors, business partners, etc.

The reason behind remembering Bunty and Babli was, after my last post lot of people called, some emailed and some met personally and shared their experiences with me about D.S Kulkarni ( DSK) and his so called empire.

DSK officially formed D.S.Kulkarni developers limited ( DSKDL) in 1991. However what was not there in DSKDL?

There were forged signatures, murky deals, shell firms, money siphoning, duel identities, conspiracy and everything that needed to con investors, banks and government authorities.

 Only the thing that was not there was professional attitude!

Then how did DSKDL survived so many years?

The Reason is simple.

DSK is best actor, has fantastic oratory skills and ability to manage everybody with power of money.
On this capital he built good image in the society.

The relatives and staff who realised consequences of association with DSKDL left it immediately. Others either became party to his actions or remained mute spectators

DSKDL’s activities may be divided in two parts pre and post 2006 ie. Pre public issue

Pre public issue and after becoming public limited company they formed lot of private limited companies and partnership firms.

Money Siphoning

These companies were mostly dominated by Hemanti  Nilakanth Phadke ( HNP) and her two sisters, Anuradha Purandare and Vaijayanti Mudgal .

They managed to siphon of DSKDL’s crores of rupees to these firms successfully.

In may last post we saw how they DSKDL paid crores of rupees to D.S.K and company for mere consent for land deals.

Another way of direct money siphoning was, they use to purchase land in the name of DSK’s relatives and later on DSKDL would purchase it from him/her.

And then they use to withdraw amount paid to that relative by DSKDL

However that didn’t come to light because DSK successfully managed to reshuffle the funds and due to DSK’s image funds were literally pouring in DSKDL.

Shell Companies

Then they started taking Fixed Deposits (FD) for the companies that were not allowed to take FDs by Reserve Bank Of India (RBI) .

These companies were DSK and Sons, D.S.kulkarni and brothers,  D.S.Kulkarni and associates , DSK  Enterprises, DSK & Asso, DSK constructions, etc. 

Investors and FD holders were not even aware that they were investing in the companies who have no business in reality and exist only on paper. These all were partnership firms.

The success in money siphoning business led them to go for public Issue.

Misleading Information + Dual Identities

Hemanti Nilkanth Phadke changed her name to Hemanti Deepak Kulkarni in 1989

The information provided in offer brochure of public issue itself raises doubts about very intentions of the promoters.

Along with DSK his then wife Jyoti Kulkarni and Hemanti Phadke  were promoters of public issue.
However they didnt mention that HNP and Hemanti Deepak Kulkarni were the same person.

And in same document in financial information of the group companies, HDK’s name appears as a partner in partnership firms Amit & company and Gharkul .HNP’s name appears in many other companies.

What was the intention behind showing same persons different identities in offer document?

HNP was an employee in DSk’s firm. She changed her name from Hemanti Nilkanth Phadke (HNP) to Hemanti Deepak Kulkarni (HDK) in 1989. DSKDL was incorporated in 1991.

However she kept her both the identities alive in transactions of DSKDL .She was holding shares in both the names. The reason behind that only her or DSK can tell.

Forged Signatures

In 2001 Hemanti Phadke and Sanjay Deshpande signed on this share

In DSKDL forging signatures was not a serious affair. 

The share certificate issued in 2001 is signe by Sanjay Deshpande ( DSK’s son in law)   as authorized signatory.
when the same share certificate was reissued for some reason,  once again Sanjay Deshpande’s signature appears there.

However Sanjay Deshpande had left DSKDL in 2004.

Then who forged his signatures?

Nobody other than autorised signatories of DSKDL could forge Sanjay Deshpande”s signatures because they were the only other signatories on the share certificate and they were aware that Deshpande was not in the company during that period.

In my earlier post on DSKDL Sanjay Deshpande has commented that “Vijay Da, I read ur blog link, left DSK in 2004 & sure hasn’t signed anything after 2006!”

On same share certificate in 2001 HDK alias HNP has singed as Hemanti Phadke while in 2012 she has signed as Hemanti Kulkarni.

She was a minority share holder as Hemanti Phadke and Hemanti kulkarni as authorised signatory of DSKDL at the same time. 

In 2012 hemanti signed as kulkarni and sanjay deshpande signe is ther when he had left DSKDL in 2004

Conflict of Interest

DSK has formed dozens of personal companies as other than DSKDL just for the purpose of taking Fixed Deposits!

These companies don't have any business activity going on other than raising FDs! 

All these companies are in the same competing business and all the transactions are done by the same woman (HNP/HDK)  in all these companies. 

Basically she controls all the finances of all these companies.

Manipulation of Funds

In a video and interview to ABP mazha DSK claims that unlike other builders he prefers to take FD holders as partners instead of using other means of finances.

 But looking at the company's finances and after communicating with financial institutions and customers, it appears that more than 1000 crores of rupees were disbursed to DSK through these Chanel  for project construction activities.

However not even 10 % of the disbursed amount was used for actual construction purpose because his entire project work is stalled for many months.

If that money was not used for construction then it was certainly not used for repayment of FD holders because they are still fighting for their even thousand rupees every day.

And crores of rupees of payment of contractors and suppliers is still due with the company! Then the question remains is where did that money go?

Even the customers are complaining that more than 80% of their housing loan amount is disbursed without their consent but there is no work going on at the sites and not even 10% work is done at sites and the possession of their apartments are delayed by years! 

Flat buyers will have to keep a close watch on the committed dates of possession of the RERA registered projects of DSK!


More important question is when there was not even 10% work in progress on ground then how come financial institutes disbursed 80 % of the loan amount to DSKDL? 

That indicates that these financial companies were also had hand in glove with DSKDL.

It's a big surprise that how they were able to service the interest of the investors earlier because there is no source of income to these companies other than Fixed Deposits! 

There is no permission from RBI or SEBI to raise Fixed Deposits and the investors are not even made aware of it!

The FD holders of his public limited company have little bit guarantee to get some of the invested money back but what about the personal companies where there no security to the investors of getting back even a single rupee or their invested amount.

Murky Deals

Here is another manipulation by DSKDL family with a big Loss to the Shareholders and Public Authorities!

There was a company known as Oyster Promoters & Developers Pvt Ltd, owned by HNP and  Ashwani D. Kulkarni .

Oyster Company was created by Kulkarni Family to take advantage of DSKDL at a loss for shareholders. 

This  company owned some defence and forest reservation land and was a loss making company.

Yet DSK went ahead and merged this loss making Oyster whose land was worth not more than some lac rupees was merged  to DSKDL by issuing 38 lac shares of DSKDL worth more than 40 crores at that time.

Interestingly as per 2006 offer document HNP has 98 %  in Oyster Company and Ashwini Kulkarni and Talekar have 1 % each.

However when Oyster merged with the DSKDL 15.2 Lac shares worth more than 20 crores were transferred to HNK and her son Shirish Kulkarni.

One can observe the manipulated Shareholding Pattern of 38 lac shares and how those landed in the hands of DSKDL Family Members.

HDK who was a minor shareholder earlier in DSKDL grown richer by 15.2 lac shares from Oyster merger and also another 8,18,307 shares she claims to have received as a gift from unnamed entity as shown on NCD prospectus 2014 .

Dubious Share Transfers 

Another surprising & questionable shareholding of approximately 15 lac DSKDL shares is by Shirish Deepak Kulkarni. 

Question is when HNP was partner in Oyster what shares were transferred to HDK and when Shirish was not remotely concerned with oyster then why 15.2 lac shares were transferred to him.?

Loss To Company,  profit to Family

There is an institute known as DSK Global, Pune, earlier owned by Family members of DSKDL. 

When the institute started showing losses, DSKDL made it a subsidiary of DSKDL thus passing the family loss to shareholders.

And now DSKDL has given bank guaranty of 100 crores for loan obtained by DSK Global.

The DSKDL annual report of 2016 itself they admit that they have sold off almost all their land bank at Dhayari, Kirkatwadi and Balewadi and today other than Fursungi, they don’t have any other land remaining but they are claiming to have huge land bank worth 10000 crores!

Another shocking thing is First they siphoned off 165 crores to D S kulkarni and company from fursungi land and now committing 300 crore rupees against 5,00,000 sq ft of DSKDL's own dream city project!

So whatever money DSKDL is supposed to earn has already been planned to divert to HDK and her Shirish through D.S. kulkarni and company.

Interestingly DSKDL has indemnified  all these companies from any losses or damages putting all the liabilities on DSKDL

Employees crying foul

Since last few months DSKDL’s staffs is crying foul.

Few months’ back staff strength was close to 1500 now has been reduced to 40 only.

Since last many months they have not been paid any salaries to employees.

Not even d their TDS returns has not been cleared by DSKDL

Why DSK family is doing all this?

The reason and outcome of DSKDL family actionss reflect in share holding pattern of DSKDL.

HNP/HDK  is now major shareholder after DSK and if we count Shirish Kulkarni’s shares then total is more than DSK’s shares.

Along with her sisters by siphoning off money from DSKDL , they have grown richer by crores of rupees.

And DSK himself wanted to be like Hiranandani.

In email to after my last post on DSKDL one ex. employee wrote to me ‘Twice I asked him (DSK)  before joining that Why You want to hire me ? As per current records you have 95% Maharashtra’s whereas I am Sindhi. He proudly told me, I have noticed How Hiranandani, Rahejas progressing in Mumbai. Now I don’t want any "Marathi speaking person" I chose U out of 70 candidates who came to my office and sat/waited 4 hours for interview “

He was briefly in DSKDL for 4 months?.

Investors, Banks, Depositors, flat buyers, suppliers, employees everybody is crying for their money. Then Mr.DSK where did all that money go?.

Land cruiser, flat in trump tower business class air tickets for family and so on, the list is very big. DSK and his family member are enjoying lavish life style at the cost of these peoples’ money.

No Mr. DSK it is not your family matter. All that money you are enjoying belongs to public.

And you have to return it to them!

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Thursday, August 3, 2017

Is DSK exploiting Investors, FD holders and flat buyers ?

While DSK Shivajians players had threatened hunger strike for their salaries, investors - F D Holders - of this group (?) companies have knocked Primes Minister Narendra Modi’s door to get their money back.

Unless Government intervene there are hardly any chances that investors will get their money back.  The reason behind fall of the company is not the market situation. It was the intention of the D.S kulkarni (DSK) and some of his family members that sank the ship.

Since beginning DSK and his family members siphoned of hundreds of crores  rupees to their private firms or individual accounts.

The documents reproduced in this post are available in public domain and I have studied those.

Recently DSK openly admitted that he used DSK Toyota’s funds to refund Fix Depositors (FD) money, and that led to sick that unit. However that didn’t stop DSK and  his family’s lavish lifestyle. In December 2016 DSK’s son Shirish kulkarni moved to Trump Towers to accompany Bollywood actors.

He has taken on lease 6074 sq ft flat with three covered parking’s. Lease is for five years and per month rent is 400,000/ ( Four lac rupees ) .And off course  if one moves in such a lavish property it needs crores of rupees for furniture.

And wait! That money is not spent by DSK or shirish kulkarni from their pocket. They have used DSK Motors Pvt Lts’ money of which DSK, Shirish, Tanvi and Amit Kulkarni are partners.

Meanwhile here DSK Toyota’s Bavdhan unit has been sold to Nanawati of Surat, Nagar to Wasan. Rest of the dealership have no buyers. And now Toyota has cancelled all the DSK dealerships with immediate effect

Lease Deed of DSK Motors Pvt ltd signed by Shirish kulkarni

Before going further we need to understand some facts.

D.S. Kulkarni Developers Ltd. (DSKDL) is a public limited company.  DSK Group of Companies has various registered private companies and partnership firms operating under different names e.g.D.S. Kulkarni and company, DSK Associates, DSK Sons, DSK Developers, DSK Toyota etc. 

Hemanti Deepak Kulkarni is DSK’s second wife .  Anuradha Purandare and Vaijayanti Mudgal are sisters of Hemanti Deepak Kulkarni. Shilpa Makrand Kulkarni and Swarupa Makrand kulkarni and Sae Kedar Vanjape are  daughters of DSK's brothers. 

Ashwini Sanjay Deshpande is daughter of DSK through his first wife Jyoti. Shirish Deepak Kulkarni is  son of DSK through Hemanti Deepak Kulkarni. Hemanti Deepak Kulkarni and Hemanti Nilkanth Phadke are the same person. 

Why she has kept the both identities alive and why on the record Shirish Kulkarni is shown as Jyoti’s son ? - we will discuss it later.

In DSKDL’s shareholding pattern Hemanti Kulkarni and Hemanti Phadke shares are shown in both names.Normally we don’t discuss family matters publicly but when it comes to public

money we need to discuss it also.

It is said that around the year 2007, DSKDL started developing a Special Economic Zone (SEZ) but lateron but converted the same to a  181 acre township at Fursungi, Pune (now known as Dream City). But that is not true, If we go through the sale deeds it was clearly mentioned that they were purchasing land for SEZ ? Special township. DSKDL merely used SEZ permission for stamp duty exemption.Though township project proposed at fursungi was of 181 acres. DSKDL purchased around 220 acres of land.

The entire land has been purchased by DSK group companies and the family members and related persons with conflicting interests and then sold to DSKDL at a very inflated price causing great losses to the shareholders.

This list shows how money was given to D.S Kularany and company for mere consent.And this is not complete list of transactions .There are several other such transactions

On behalf of a partnership firm called D.S.Kulkarni & Company ( not DSKDL) someone would sign a visar pavti with a landowner. 

And then after three to six - months DSKDL would purchase the same from landowner and D.S.Kulkarni & Company would remain consenting party.

Interestingly DSKDL would pay landowner at the rate of 55 lac/acre and 75 lac/ per acre to consenting party i.e. D.S.Kulkarni &  Company.Thus the land was worth 55 lac per acre would cost DSKDL 1.30 crore per acre.
For example if we look at a Sale Deed no 2843 of 2007. In this case Vaijayanti Mudgal on behalf of partnership firm D.S.Kulkarni & Company signed a visar pavati with landowner at the rate of 55 lac per acre and paid advance of rupees 19.45000 rupees. Total land cost decided was ( Five crore thirty four thousand five hundred )

Within six months DSKDL purchased this land from landowner and D.S.Kulkarni &  Company remained as consenting party. DSKDL paid entire amount payable to landowner i.e ( five crore fifteen lac forty two thousand five hundred ). And     ( Seven crore twenty nine lac thirty seven thousand five hundred)  were paid to D.S.Kulkarni and Company.Thus by spending only 19.45 lac D.S.Kulkarni & Company got 7.2 crore rupees within six months.

Another way of direct purchase of land was from relatives. 

Another way of direct purchase of land was from relatives.

For Example Hemanti Deepak Kulkarni purchased two plots at fursungi wide Sale Deed 6688 and 8050 in September and November 2007 at the cost of approximately 50 lac. 

And sold it to DSKDL at ( One crore twelve lac twelve thousand 500 ) within six months of purchase. 

Thus giving straight away about 72 lac rupees  to Hemanti Kulkarni.

Interestingly Ready Reckoner Rate shown when she purchased the plots in 2007 was 30 lac rupees and when she sold it to DSKDL it was shown 12.00.600 (Twelve lac six hundred).

It is very much evident that hundreds of crores of rupees have been siphoned off by inflating prices of land and keeping the difference within the family.  All sales &  purchases have been done with Full Knowledge, Conspiracy, Interest and Blessings of DSK for personal and family benefit. In  DSKDL’s dream city project at fusungi only D.S.Kulakarni &  company and other individuals were given around 275 crore rupees.  Imagine the scale of siphoning money!.

In an open letter written to Prime Minister Modi, the investors have alleged that, DSK is a renowned public speaker and motivational lecturer; his speeches on morality and work ethics have attracted almost every investor out here.  But unfortunately off late he appears to be using all his motivational energy and oratory skills in exploiting Investor’s emotions who are waiting in the hope of getting justice one fine day.You can red and sign that petition here

Its very interesting, intriguing and baffling that Mrs. Hemanti Deepak Kulkarni introduced as President of DSKDL and wife of CMD of DSKDL Mr. Deepak Kulkarni was also simultaneously operating as Ms. Hemanti Nilkanth Phadke . 

The shareholding pattern of DSKDL  in 2011 of DSKDL in promoter or promoter group category Hemanti’s name appears twice.Hemanti Phadke and also as Hemanti Kulkarni. 

Not only that! 

Hemanti Deepak Kulkarni bears passport as a wife of DSK since 1990! 

However in a nomination form filed for Loksabha Election only Jyoti’s name has been shown as his wife.

Why they did  all these things? - which could be misleading to statutory authorities, shareholders, investors and all other interested parties - needs to be investigated.

In his latest video DSK has confirmed that he has used flat buyers' money to repay FD holders money. This is a violation of Real Estate act and then Maharashtra Ownership Flats Act

But there is nothing new in that DSK has raised FDs in group companies without RBI permission. And almost all finances of all the companies are controlled by Hemanti Kulkarni.

This is not all. Lot is there to come ahead!

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Thursday, July 20, 2017

Pune Citizens to be smart without knowing anything about Smart City Projects....

Critics believe that smart city is just a buzz-phrase that has outlived its usefulness’ it is the wrong idea pitched in the wrong way to the wrong people. Some also believe that, In the end, they will destroy democracy. And that’s what exactly happening in Pune. Lack of Transparency, Confidentiality, one sided agreements, Conflict of Interests and mockery of the democracy are the key issues involved in the smart city projects. Pune Municipal Corporation PMC has resorted to a limited transparency policy by not fully disclosing matters related to the smart city projects.

Initially making governance citizen-friendly was the key objective of smart cities projects, and public participation was said to be core tool to achieve it. However, afterwards instead of transparency, the secrecy became the buzzword for smart cities mission. And Pune city was on the forefront of mission secrecy. The smart city mission had already killed basic principles of the 74th amendment to the constitution of India that was brought to strengthen urban local bodies. The secrecy clause in Smart city Mission  has taken the soul out of Right to information act.

There were several irregularities in the process of selection of Consultant & in the preparation of the proposal for participation of Pune Municipal Corporation (PMC) in the Smart Cities Challenge. There were serious violations of the Model Request for Proposal (RFP) and the irregular concessions were granted to Mckinsey against public interest.

Now to keep citizens in the dark from the activities of smart city projects,   they have coined new idea of code of conduct for directors and senior management Personnel of the company Pune Smart city Development Corporation Limited (PSCDCL). PSCDCL is the company formed as Special Purpose Vehicle (SPV) under Smart City Mission for implementation of Smart City Projects in Pune. This code of conduct prevents Directors and Senior Management Personnel of PSCDCL from disclosing anything with any member of the Press or Media in the matters connected with the Company or its business unless specifically permitted by the Board of Directors of the Company or the Chairman/Managing Director of the Company.


This Code of Conduct is applicable and binding on the Directors and Senior Management Personnel of the Company and other officials of the Company as may be identified

Code of Conduct — The Board Members and Senior Management shall:

(a) Always act in the best interest of the Company;

(b) Adopt highest standards of personal ethics and integrity in their dealings with the Company:

 (c) Make disclosures, to the Board of Directors, relating to all material financial and commercial transactions or other dealings in which they have personal interest, and may have a potential conflict with the interests of the Company or are required to be disclosed as per applicable regulations:

(d) Ensure security of all confidential information made available to them in the course of discharge of their duties or otherwise

(e) Follow all prescribed safety and environmental norms:

(f) Not engage with any member of the Press or Media in the matters connected with the Company or its business unless specifically permitted by the Board of Directors of the Company or the Chairman/Managing Director of the Company;

(g) Conduct themselves and their activities outside the Company in such a manner as to not adversely affect the image or reputation of the Company;

(h) Accept and act according to this Code of Conduct and affirm compliance with this Code on annual basis.

In addition to the code of conduct specified above, Independent Directors shall abide by the duties as specified in Schedule IV to the Companies Act, 2013 or any amendments thereof.

This code is subject to review by the Board from time to time.

The code of conduct will be discussed in PSEDCL’s next meeting. The past experience of Smart City mission in Pune is not satisfactory. The democracy was nowhere on the agenda of Pune Smart City Mission and hence this code of conduct will also be passed in the meeting.

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Friday, July 14, 2017

Here is how they siphon of taxpayers' money in PMC

The video clips reproduced in this post expose the nexus of politicians and bureaucrats siphon off taxpayer’s money. Earlier they used to “manage” the tenders. But now they directly or indirectly take part in tendering process. Though this matter is related to Pune Municipal Corporation (PMC), scenario all over India is no far different. In these clips an PMC employee can be seen confessing how they manage, prevent others from taking part in tendering process and how much money the officials of PMC got in other scams.

In this first clip the employee was talking about the money he had given to his senior officer Daundkar in recruitment and tendering scams. He had also confessed that reallocation of PMC funds of 30 crore rupees was proposed to give pending bills of security contracts. He alleged that Chief security officer Santosh Pawar and Daundkar would get 4 and 1.5 crores rupees from that fund. He had admitted that he also had security contract in PMC and would get 25 lakh rupees. Later on the state anti-corruption bureau (ACB), Pune arrested Santosh Pawar for demanding bribe of Rs10 lakhs from a security firm and accepting an 'installment of Rs4 lakhs. And that proved that this employee’s confession and allegations were true.

Basically reallocation on municipal funds is illegal thing. Unless there is an emergency municipal funds cannot be reallocated. There is vast increase in reallocation of municipal funds in last 4 -5 years. Last year the amount of reallocation had touched almost 400 crore rupees. Municipal commissioner is bound to prevent illegal reallocation of funds. However no commissioner has dared to stop illegal reallocation in PMC for the reasons best known to them only.

In PMC Contractors approach officers, Suggests the work that is not approved in regular municipal budget.  Officers then approve it and prepare estimates. Then some corporator suggests reallocation of funds to the standing committee. Then standing committee approves it. Then so called tender process is followed and surprisingly same contractor gets the work. At every stage of this process everybody’s share has been fixed. If any other contractors try to get the contract,  the employees and office bearers of PMC harass them. And that is the reason; in every department of PMC same 4 to 5 contractors repeatedly get the work.


In this second clip you can see the same employee is batting for his another tender in PMC’s Dr.Babasaheb Ambedkar hostel. He was calling it “My Tender”. In November 2015, the PMC had called a tender to provide meals to students wherein they had shortlisted three contractors — Sai Pro Food, Malhar Catering Services and Shri Sangameshwar Catering and Services. They had quoted different prices. Sai Pro had quoted Rs 2,990 per student, whereas Malhar Catering Services and Shri Sangameshwar Catering pitched their monthly fees at Rs 4,000 and Rs 4,100 per student respectively. Bodke pressured him to delegate the contract to Malhar Catering Service despite him quoting the highest rate. He had also ordered Banaker to disqualify Sai Pro from the tendering process as they had quoted a lower amount. (Audio clips of this case are reproduced at the bottom of this post) 

In this clip the employee also explains how much money the officers and office bearers’ of PMC school board received in teacher’s transfers scam. They had collected 4 lakh rupees each from 28 teachers. Two officers got 15 lakh rupees each and the members of the school board got 5 lakh rupees each. In this matter  then president of PMC education board Pradeep alias Baba Dhumal, former president and member Ravi Choudhary, clerk Santosh Memane and middleman Bhausaheb Bhapkar were arrested by ACB.A teacher from zilla parishad school in Ahmednagar district had applied for an inter-district transfer to a PMC school. The municipal commissioner had signed the order, but the accused had asked for a bribe to hand it over to the teacher. 

Though the municipal commissioner kunal Kumar has assured inquiry in this matter, there are hardly any chances of any action or penalty. Because this is not new case, already complaints in this case have been filed with him a year before. However there is no progress till today.

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Friday, July 7, 2017

Temple Rose Investment Scam: 3,700 agents under the police scanner ...

More than 3,700 agents are under the police scanner in Temple Rose Real Estate Pvt Ltd (TREEPL) investment scam. Economic Offences wing ( EoW) have registered cases against TREEPL, its associate companies, directors and agents in 400 crore investment scam. The cases have been registered under Maharashtra protection of interest of depositors Act (MPID) and various other sections of Indian Penal code. Under MPID authorities have right to seize properties of companies, its directors, partners , associates and agents purchased by the amount of the crime proceeds. In TREEPL case many agents have received more than crore rupees as a commission.

Police is in possession list of all the TRREPL agents spread over Maharashtra. Along with TRREPL director Devidas Sajnani one agent Ramesh Aghicha has been sent to magistrate custody after police custody. So far Police have frozen 68 bank accounts and seized 440 acres of land, car, 13 mobile phones, laptop, computer 7.5 lakh rupees cash and deposits given towards house and office of the agents. 

To avoid police enquiry some agents have changed their postal addresses and mobile numbers. However that may not help in longer run because they have to recover the entire amount involved TRREPL investment scam. The police Inspector of EoW Pune Mr. Rajesh Puranik has appealed citizens and all those concerned to communicate if they know addresses and phone numbers of TRREPL agents.

Some day or other police will definitely going to knock their TRREPL agents’ doors. To avoid all this embarrassment it is better for the agents to deposit the amount received in TRREPL deals with police or court. The list of TRREPL is reproduced below. Go to the document then press Ctrl + f and then search name. If find any acquaintances or if your name is their then communicate with eowPune @gmail.com or PI Mr. Rajesh Puranik on 9870196701.

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Tuesday, July 4, 2017

TRREPL Investment scam: 68 bank accounts frozen, 440 acres of land, car and 13 mobile phones seized by EoW Pune

68 bank accounts have been frozen and 440 acres of land, car, 13 mobile phones,  laptop, computer 7.5 lakh rupees cash and  deposits given towards house and office of the agents have been seized from directors, agents of crore Temple Rose Real Estate Pvt . Ltd (TRREPL ). Economic Offences Wing (EoW)  of Pune police has seize this property in 400 crore TRREPL  investment scam case. Surprisingly, though TRREPL scam is spread over all over Maharashtra and other states also and thousands of investors have been duped for hundreds of crores of rupees surprisingly no political party, leader or administration has uttered a single word about this case.

Truly Yours Forever or Cheaters Forever

EoW Pune City is investigating criminal case filed under section 409, 420, 467, 468, r/w. 34, 120 (b) IPC, sec. 3 of Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, sec. 3, 4, 5, of Prize Cheat and Money Circulation (Banning) Act, 1978 has been registered by Mrs. Nitin Shukla against the directors, promoters, office bearers, agents and other known and unknown persons concerned and connected with the TRREPL and Temple Rose Group of Companies (TRGC ).

After a long stay in Police Custody main accused in this case TRREPL director Devidas Sajnani and agent Ramesh Aghicha are still in magistrate custody while Keshav Narayan Iddya, Markas Yohan Thorat, Deepa Devidas Sajnani, Vanita Devidas Sajnani, Sunil Dada Gaji , Dharmesh Narendra Joshi, Sharmila Dharmesh Joshi , Kanhaiyalal Narayadas Sadhawani , Ashok Toalaram Pamnani , Sapna Ramesh Aghicha , Sweta Ramesh Aghicha and Shrikant Parmeshwar Jaiswal have applied for anticipatory bail.

Without political leaders’ or administration’s support it is impossible to  run any scam in India. The way TRREPL directors, their associates bought huge lands violating all the Land Laws in various parts of Maharashtra, indicates that they have support from political parties, leaders and administration also. Otherwise it is difficult for anybody to buy lands violating ceiling on holding Agricultural Lands, prevention of fragmentation of agriculture land. Nobody can buy agriculture land unless he is agriculturist. However TRREPL people who do not have seen the agriculture in their entire life easily managed to obtain agriculturist certificate.

One can imagine the reason behind political leaders’ or administration’s silence. We have earlier witnessed such silence after arrest of Mahesh Motewar of Samruddha Jeevan scam.  Almost every political party or leader had good relations with him. After his arrest only that support vanished. If we track other companies associated with TRREPL , Devidas Sajnani and his associates we can sense involvement of political persons.

Temple Rose Group of Companies (TRG) was not only involved in Real Estate or plotting scams it had also planned Multi-Level Marketing (MLM) scheme in the name of wellness industry. Glossy brochures were printed. They were  promising income of whopping 1.63 crore only in 14 months to the agents .TRG had also advertised wellness products like pills etc.

This is the list of properties of directors of Tempe Rose Group and their associate. small investors got nothing but directors created amazing land bank needs to seized by Authorities

TRREPL is not a small scam; thousands of investors have been duped by them. In Pingori ‘Rose City’ project itself more than 4000 investors had invested 5200 plots. They have 42 such schemes all over Maharashtra and more than 1300 hundred agents. With this number one can imagine number of investors and money involved in this scam. Out of 4000 investors of “Rose City “Pingori  project  more than 1000 are from defence establishments, large number of them are NRIs  and hence cannot file a complaint or depose before investigation Officer. That is the reason why only 200 complaints have been filed in EoW pune and few in Mumbai. Nobody from 42 other projects has come forward to lodge a complaint. And none of these investors in all these schemes have received any plot or their money back.

As the cases against TRREPL have been filed under Maharashtra Protection of interest of depositors Act ( MPID) also. Under this act authorities can seize, sell and compensate investors. But to happen those authorities have to recover proceeds of crime. Out of 1300 TRREPL agents some have received amount of more than one crore rupees. To avoid police custody some agents have shown willingness to deposit money received in this scam with police or court. However his number is very less. From others this money has to be recovered . Some of them have diverted these amounts to buy other properties or things. As per act these properties also have to be seized. And hence it is difficult for EoW Pune or Mumbai only to investigate and seize all the properties of TRREPL directors, agents and its associates. Considering these facts government needs to constitute Special Investigation Team ( SIT) or hand this case over to central Bureau of Investigation.

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RTI Resource Person, RTI Columnist
Phone – 9923299199

Email     – kvijay14@gmail.com
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