A special court on Wednesday rejected the interim bail plea of developer Deepak S. Kulkarni, who is accused of defrauding thousands of investors in the State.
Special court judge J. T. Utpat passed the directive quashing Mr. Kulkarni’s bail plea. The developer and his wife, Hemanti, now face the prospect of arrest.
It now remains to be seen whether officers from the Economic Offences Wing (EOW) will take the builder into custody, or if he will move the Bombay High Court for bail.
Mr. Kulkarni, known as DSK, is facing a rash of fraud complaints by investors in Pune, Mumbai and Kolhapur. FIRs have been lodged against him in Pune and Mumbai, while the EOW has raided his properties and offices in both cities.
Mr. Kulkarni and his wife were granted temporary respite last week after Judge Utpat directed the police to refrain from arresting them as the prosecution had yet to present its arguments.