Pune: The Special PMLA (Prevention of Money Laundering Act) Court has granted construction businessman Deepak Sakharam Kulkarni (DSK) conditional possession of his seized bungalow in Pune. The decision allows DSK to take charge of the property for maintenance purposes while adhering to strict legal conditions.
DSK and his wife had filed a plea in the Mumbai PMLA court, requesting permission to reside in their bungalow, Saptashrungi, located on Senapati Bapat Road. The court, presided over by Judge A.C. Daga, approved the request after considering the deteriorating condition of the property. The bungalow was among several assets seized by the Enforcement Directorate (ED) in connection with a multi-crore investor fraud case involving DSK, his family, and other accused.
Concerns Over Security and Property Depreciation
Since the property’s seizure, the ED had not assigned security personnel to guard the bungalow, leading to multiple theft incidents. Additionally, the lack of upkeep had resulted in a decline in its market value. In his petition, DSK argued that allowing him to maintain the property would help preserve its worth without interfering with the ongoing legal proceedings.
ED’s Opposition and Court’s Observations
The ED opposed the plea, citing concerns that granting possession could lead to the misuse of the property. The agency maintained that the bungalow was an asset linked to financial crimes and should remain under its control.
However, the court noted that the absence of security and maintenance had already led to asset deterioration. It clarified that DSK was not seeking the removal of the seizure order but only the right to occupy and maintain the property. The court ruled that allowing him possession under specific conditions would not hinder the ED’s investigation.
Court-Imposed Conditions for Possession
The court imposed the following conditions while granting DSK possession of the bungalow:
The applicant can maintain and reside in the property until the trial concludes or until further court orders.
No third-party interests should be created in the property.
The ED’s seizure order remains in effect until the legal proceedings are completed.
The ED will continue to hold notional possession of the property.
If any misuse of the property is reported, the ED has the right to request modifications to this order.
Pending Concerns of Investors and Homebuyers
While the court’s ruling grants relief to DSK, several petitions filed on behalf of defrauded investors remain unresolved. Many homebuyers who invested in DSK’s projects have yet to receive possession of their properties, leaving them in financial distress. Legal representatives of the affected depositors continue to seek justice, raising concerns over when relief will be granted to those impacted by the fraud.
- Adv. Chandrakant Bidkar, Depositors’ Lawyer
