HC pulls up Pune builder for delay in Rs 50 crore deposit

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The Bombay High Court (HC) observed that Pune-based builder D S Kulkarni, who is facing cases for allegedly cheating investors, has failed to keep his promise to deposit Rs 50 crore.

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Kulkarni, a prominent builder, and his wife Hemanti were booked by the Pune Police last year for cheating 2,500 investors to the tune of Rs 230 crore. The couple approached the court seeking pre-arrest bail in December. The court granted them an interim protection from arrest after they assured they would deposit Rs 50 crore within a fortnight.

Kulkarni's lawyer Ashok Mundargi told the court a sum of Rs 12 crore has been arranged, and that Buldana Urban Multistate Co-operative Credit Society has agreed to loan them '100 crore within a week. To this, Justice Sadhana Jadhav said, "I was waiting for '50 crore to be deposited. I gave the applicants over three weeks' time. Now I will not accept any more assurance."

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