Pune: Court of Special Judge JT Utpat on Friday rejected the bail application of real estate developer DS Kulkarni and his wife Hemanti and extended their judicial custody till May 10. 

The couple is lodged in Yerwada prison and was produced in court through video conferencing. The court had heard arguments on Thursday. According to Advocate Chinmay Inamdar, who is representing DSK, they are going to approach the High Court. He said, “We have registered our objection related to Section 409 of the IPC as it is not applicable in the case. However, we will go through the observations made by the court.” 

The prosecution said that the builder’s fraudulent dealings have not only affected his depositors, but also homebuyers, banks and holders of non-convertible debentures floated by his firm.