Pune: Mumbai’s Prevention of Money Laundering Act (PMLA) court has approved businessman Deepak Sakharam Kulkarni’s (DSK) request for possession of his bungalow in Chaturshringi, subject to conditions ensuring its maintenance.
DSK and his wife had submitted an application seeking possession of their property, which was seized during investigations into the multi-crore fraud case involving DSK and his company, DS Kulkarni Developers Limited (DSKDL). Special High Court Justice A.C. Daga approved their request, allowing them to reside in the bungalow under strict conditions.
The Enforcement Directorate (ED) had opposed the plea, arguing that since the bungalow was confiscated as part of an ongoing probe, there was a risk of misuse if possession was granted. However, the court observed that the property currently lacks security, leading to its gradual deterioration. It ruled that allowing the applicants to maintain the house would help preserve its value while ensuring the ED’s control over the asset remains intact.
While the court granted conditional possession to DSK, legal proceedings related to the fraud case continue. Advocate Chandrakant Bidkar, representing the depositors, highlighted that several victims who invested in DSK’s real estate projects are still awaiting possession of their homes, causing financial distress.
The court has imposed the following conditions on DSK’s use of the property:
The applicants can stay in the bungalow only until the case concludes or further court orders are issued.
They cannot transfer or create any third-party interest in the property.
The ED will maintain its seizure status over the bungalow.
The ED retains symbolic possession of the property.
If any violations are found, the ED has the right to seek modifications to the court’s order.
This ruling allows DSK to maintain the bungalow while ensuring the ED’s authority over the property remains unaffected.
