The Bombay High Court has granted bail to Kedar Vanjpe, son-in-law of Deepak Kulkarni of the DSK Group, for his alleged complicity in the Rs 2,000 crore scam where investors were duped. Kulkarni, his wife Hemanti, Vanjpe and others were arrested in 2018 under various sections of the Indian Penal Code and the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act [MPID Act].
Justice Nitin Sambre granted him bail on Thursday against personal bond of Rs 1 lakh observing: “As far as the invoking of the provisions of MPID Act are concerned, there is hardly any material to infer that the applicant (Vanjpe) had any time promised higher returns to the depositors and lured them to deposit the amount with the company.”
Aniket Nikam, advocate for Vanjpe, argued that co-accused – director and authorized signatory Hemanti Kulkarni (Vanjpe’s mother-in-law) and Vice President and authorized signatory Anuradha Purandare – against whom there were serious allegations, were granted bail by the HC earlier. The women were accused of being instrumental in accepting the deposits from the depositors and actively participated in the transaction of the acquiring land at Fursungi in Pune.
Besides, Vanjpe has not been named as an accused in the proceedings initiated by Enforcement Directorate. Even in the investigation carried out by Serious Fraud Investigation Office in January, 2020 Vanjpe’s involvement was not noticed, argued Nikam.
Special public prosecutor Pravin Chavan opposed the bail plea contending that Vanjpe was a part of hatching the criminal conspiracy which can be inferred from the available material.
The HC noted that the only role attributed to Vanjpe was of “facilitating the transaction of acquiring land at Fursungi”. The modus operandi of the acquiring said land from the agriculturist in the name of relatives and then transferring the same to the DSKDL company at inflated rates. “… even if (this modus operandi is) considered against the applicant (Vanjpe), the investigation has not reflected that the applicant has received any part of ill-gotten money. Some parcel of the land at Fursungi though was purchased in the name of applicant’s wife, she was already ordered to be released by this Court,” said HC.
While directing his release, the HC has asked Vanjpe to attend concerned police station in first week of English Calendar month. He has also been directed not to influence witnesses, not tamper with evidence and deposit passport with the police.
Case background -
According to the prosecution, the Directors and executive employees of the DSK hatched criminal conspiracy by promising heavy returns in the form of interest on deposits, diverted the funds received out of such deposits from the account of the Company to the account of the individuals, like the wife of applicant. The individuals accordingly invested the said amounts in land at Fursungi and sold the same to the aforesaid firm at inflated rates. In the aforesaid background, it is alleged that the applicant is involved in an offence of criminal conspiracy, criminal breach of trust, cheating, forgery and duping the small depositors.
