Are DS Kulkarni Fixed Deposit Holders Victims of a Scam

The past few days, since my last articles on the defaults in payment of interest and principle on Fixed Deposits by DK Kulkarni, have witnesses hectic activity on this front. There are some serious allegations of fraud and scams committed by the Group. The News Media, especially ABP Majha and Pune Mirror have taken up the matter on behalf of the distressed Fixed Deposit Holders.

I have highlighted some basic, yet most relevant points, which can only be clarified by DS Kulkarni to dispel fears that Fixed Deposit Holder were victims of a well-planned scam and fraud as alleged by certain persons. I therefore, request DS Kulkarni to answer these points for the benefit of his Fixed Deposit Holders and ally their fears.

1] Originally the Fixed Deposits were solicited though advertisements appearing in the name of D.S. Kulkarni Developers Ltd, a listed company.

2] Thereafter, as the Fixed Deposits started maturing, Fixed Deposit Holders were advised by the staff of DS Kulkarni to reinvest their Matured Fixed Deposits in other DSK Group firms like – DSK and Sons, DSK Construction, DS Kulkarni and Brothers, DSK and Associates and DSK Enterprises
The reason given was a vague “Limit Sampli Ahe”. These are either propriety or partnership firms.

3] There were changes in the rules regarding acceptance of Fixed Deposits, which were covered under Chapter V of the Companies Act, 2013. These changes are applicable to DS Kulkarni Developers Ltd.
Some highlights of these changes were – Deposit Repayment Reserve Account and Deposit Insurance.

4] DS Kulkarni should clarify the total amount of Fixed Deposits held by his group, he should give a breakup of the exact amounts of Fixed Deposits held by each firm, including DS Kulkarni Developers Ltd.
The Balance Sheets and the financial positions or the business carried on by these firms is also not known. This should be clarified by DS Kulkarni.
He should also clarify whether compliance under Chapter V of the Companies Act, 2013 is applicable to these companies.

5] The exact amount of Fixed Deposits is not known, the Balance Sheet of D.S. Kulkarni Developers Ltd states – Deposits accepted during the year: Nil- Outstanding deposits as on 31st March, 2016 -33.8647 Crores. DS Kulkarni should clarify the exact amount of Fixed Deposits held by DS Kulkarni Developers Ltd, as of today.

5] RTI Activist Vijay Kumbhar has in his Blogpost – Vijay Kumbhar’s Article, has made serious allegations of fraud and scam against DS Kulkarni and his family members of siphoning off hundreds of crores in inter-firm transactions.
DS Kulkarni should show the Balance Sheets of these firms so as to clarify the allegations of fraud made by Vijay Kumbhar.

6] DS Kulkarni should clarify whether, the propriety/ partnership firms in which the original Fixed Deposits were diverted were part of this alleged scam and were the diverted Fixed Deposits used in this alleged scam.

7] DS Kulkarni has time and again stated that their Group has assets worth 10,000 Crores, he should then give the exact details about these assets and which of his companies, firms or individual holds them and the exact origin of the funds from which these assets were acquired.

By Sujata Nerurkar

I am an Expert Indian Chef, Food Columnist and Adviser. I write on food and recipes on my site and conduct cooking, candle making, chocolate making, dry cleaning, decoration and other art classes. The recipes and food themes given by me are unique and original and appear regularly in numerous reputed periodicals, newspapers and magazines.


  1. I agree every point written by you, Kulkarni will not answer these questions, it is crystal clear that a massive fraud has been committed by Kulkarni and his cronies.
    Only Police can make hi answer these questions.
    DSK has infiltrated every Whatsapp group, he wants to derail efforts made by genuine FD Holders.

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