Pune: CBI Files Two Cases Against Builder DS Kulkarni For Allegedly Defrauding Banks of Rs 590 Crore
Pune, 14th April 2023: The Central Bureau of Investigation (CBI) has registered two cases against builder Deepak Sakharam Kulkarni (DSK) for allegedly cheating depositors of crores of rupees. The CBI accuses him of defrauding the State Bank of India (SBI), Central Bank, and other banks for a sum of Rs 590 crore. The board of directors of Kulkarni’s company is also facing a case.
The CBI has reported that Kulkarni’s company received a total loan of Rs 650 crore from various banks, including State Bank, Union Bank of India, Syndicate Bank, Bank of Maharashtra, IDBI, and Vijaya Bank. Out of these loans, Kulkarni’s company is yet to pay Rs 433 crores.
The first case registered by the CBI is related to the loans given to Kulkarni’s company, while the second case is against DSK Global Education and Research Ltd. The latter company is accused of embezzling approximately Rs 156 crore. It was a training company for designing, gaming, and animation.
The CBI is currently investigating the matter to uncover the extent of the fraud committed by Kulkarni’s company and his associates. The investigation is ongoing, and further details are yet to be revealed.
According to the balance sheet of the company, 60% of its revenue is spent on employee salaries. However, a recent forensic audit conducted by the State Bank has revealed that instead of using the loan for its intended purpose, the company used the funds to pay off the debt of its parent company.
The audit further revealed that the company had made significant transactions with vendor companies. Surprisingly, the addresses of these companies were found to be the same as that of D.S. Kulkarni’s company, raising suspicions about the legitimacy of these transactions.
The findings of the forensic audit have raised questions about the company’s financial practices and its management. The State Bank is currently investigating the matter to determine the extent of the fraud, and appropriate action will be taken against those found guilty. Further details are yet to be disclosed.
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