Monday, December 18, 2017

DSK F D Holders, Be Positive, Be Patient & Join Hands with Pune Police to Recover Your Money

A message from Mr. Vijay Kumbhar who awakened F D Holders by exposing fraudulent activities of DSK - D S Kulkarni Developers Ltd.


'Public Police Participation' is essential in solving economic offences.

In simple language, MPID Act works on two levels.

Special Fast Track MPID Court looks after the punishment and disbursement of recovered money among the victims.

Whereas a competent authority appointed by Government of Maharashtra identifies, attaches & auctions the assets and diverted funds.

In our case, DSK F D Fraud, in a very short period of time, EOW of Pune Police identified properties and assets of DSK Group and submitted their report to District Commissioner.

Not only that!

A couple days ago, Government of Maharashtra has appointed a competent authority to complete rest of the procedure.

It means that, now, it is F D Holders' responsibility to help competitive authority to identify, attach & auction assets and diverted funds so that the procedure is completed in the minimum time.

It is in your hands to see that every DSK F D Holder gets back maximum amount of money in minimum period of time.

The past experience is a proof that Fast Track MPID Court strictly, efficiently & fairly protects interest of F D Holders. Be positive about it.

But always keep in mind that the law takes it's own course.

It's marathon. Not sprint. So, be patient.

Don't get anxious about the small things like - whether DSK gets bail or not!

Do protect your fellow F D Holder from getting trapped & tricked by DSK's offers.

Try your best to convince and convert naive DSK Supporters. Help them to free themselves from DSK's emotional jail.

You filed complaint because you realized that DSK was lying & trying to emotionally manipulate you by saying - "Mi Turungat Gelo Tar Tumche Paise Kon Denar?"

However, now, you know the truth - MPID Court is going to give you back your money and you are going to help yourself by helping the police. Right?

So, Dear DSK F D Holders - Be Positive, Be Patient & Join Hands with Pune Police to recover your money.

In this Youtube video Mr. Vijay Kumbhar has given this message in Marathi. Watch it.



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01) April Fool

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6 comments:

  1. Very good video & the work being done by Mr. Vijay Kumbhar indeed needs to be appreciated. Taking money from new FD holders to repay previous ones was nothing but ponzi scheme. The investors suffered but crook builder continued to live a lavish life even when DSK Toyota employees were unpaid & finally it got closed.
    The video rightly said that greed is the main culprit in these type of cases.
    What is strange is DSK who boasted about properties & assets worth thousands of crores is finding it difficult to raise just 50 Cr which is peanuts to what normally builders made in couple of projects !
    However, as the assets shown by DSK are already mortgaged, wonder whether selling those off to repay investors will be possible at first place.
    Already banks & NBFCs are moving in fast to takeover builders' assets before any third party interest is created on it. Here is one such similar news -

    PEs, NBFCs move to take more control of real estate projects -

    As defaults rise and balance sheets of real estate firms weaken, private equity (PE) firms and non-banking financial companies (NBFC) are taking more control in projects, tightening underwriting norms and taking stock of the overall financial health of the developer in transactions.

    http://www.livemint.com/Companies/xhDlulA41UawNxP93x84PK/PEs-NBFCs-move-to-take-more-control-of-real-estate-projects.html

    And one more Pune builder, Goel Ganga has been issued show-cause notice by NGT for it's projects Ganga Bhagyoday, Ganga Bhagyoday Towers and Amrut Ganga projects.

    NGT warns of arrest for Goel Ganga hearings -

    http://punemirror.indiatimes.com/pune/civic/ngt-warns-of-arrest-for-goel-ganga-hearings/articleshow/62109229.cms

    This one is an article on Pune IT sector, one of the biggest driver of Pune real estate -

    It would be prudent to upgrade yourself with newer IT skills to stay in the system, rather than blaming the organisation for sacking you

    http://punemirror.indiatimes.com/columns/columnists/gouri-athale/lay-off-the-languor-first/articleshow/62108592.cms

    ReplyDelete
  2. This one is a very good news article about how real estate dynamics are changing rapidly & it's impact on buyers & hoarders. Though this news talks mostly about NCR & MMR, the concepts mentioned in that should be an eye opener especially investor & IT driven market like Pune, Bangalore which is going the same direction like that of NCR, MMR. This once again shows why to avoid buying flat in under-construction project.

    Realty check: Buyers are sinking in negative equity -

    More than two lakh property-buyers are facing 'negative equity' (when an asset's value plunges below the outstanding balance on the loan used to purchase that asset) due to delayed home projects in the National Capital Region (NCR). To most of them, these units had been sold with the promised of 'price protection', but prices are dropping so fast that the value of the 'dream home' is now lesser than the loan.

    Nishant (38), had bought a flat in 2013 at Godavari in Mahagunpuram society in Ghaziabad, but is still awaiting possession. He is one among the hundreds of buyers who are waiting for their "dream home'' from the last four years. The builder, Mahagun Group, has already collected 100 per cent of cost from him. His flat had cost about Rs 44 lakh, but is now worth just Rs 27 lakh due to price correction.

    By November 2017, average NCR housing prices had declined by over 30%-50% from its 2012 peak
    The delay in delivery by the builders imposes numerous direct and indirect monetary costs on the buyers.

    http://www.dnaindia.com/delhi/report-realty-check-buyers-are-sinking-in-negative-equity-2567990

    ReplyDelete
    Replies
    1. Sir,

      I appreciate your views but, no business sector in India in last 50 years has gone in 'negative equity' for a long period...actually, it had bounced back more faster & higher later. There are many cases in history.

      Therefore, to my opinion, Indian real estate market will never go down due to various reasons for a long time... mainly due to developing state of nation... and changing & slowly increasing in socio-economic position of 1.3 billion people.

      A similar 'negative equity'... great recession... problem was faced across the globe (except India & few other countries) in 2008-09... e.g. Dubai / US real estate market... and now you know the situation... they have bridged the negative gap and now are at much positive level.

      Similarly, this types of corrections do happen in Indian stock-market in 1992-93 (Harshad Meheta's period, if you recollect) & in 2008-09. Also, a similar deep dip was seen in Bullion market in same period.

      Real estate is a emotional field and related to common man therefore its sensitive... and currently going through a correction phase due to unaffordable prices of houses, and mainly due supply is not consistent with demand.

      The real estate of Pune is mainly spoiled by 'greedy & stupid' developers. The developers in Mumbai, Hyderabad, Banglore etc cities takes PE for project development... but the developers in Pune (especially) takes PE for their 'Cash-out' for their personal development, which all of us are aware of.

      Of course, now if the developers of Pune realized their mistakes and follow RERA norms to use the proceeds of the project in same project, there is a big demand in Pune's real estate market for 'affordable homes' section... and therefore expected a healthy boom in market in next 6 months as we can see the new housing projects are in consistent with market demand and are affordable.

      I am surprised to see people cry for 'negative equity' now... but how about more than 3 to 500% 'positive equity' during 2006 to 2014?... which is currently being enjoyed by millions of people in Pune.

      Therefore, I will suggest that today's 'home buyer' (may be first) must take advantage of the current real estate 'down-time' situation wisely & carefully.... and I am sure their investment will grow 'positively'.

      Delete
    2. If you see, no other sector has spiked up prices in such a small time anywhere in India like real estate. Take the case of any commodity, cars, bikes whatever & the pricing then & now is very much in tandem with rupee value, the inflation & offers everyone as per their budget.

      Now you talked about incomes which will rise which will lead to hike in real estate prices. Ok, now was the income increasing 150-200% every couple of years ? Then what made RE prices go up in similar fashion ? Population is another point which you missed !!

      Coming to 2006-14. This is again selective, better to list yearly figs, 2006-07, 2007-08 etc. & then you will find that hardly any movement was there from 2010 compared to earlier, 2013 onwards prices were flat & from 2016 the actual fall was seen. RE was once emotional, it's no longer is.

      In 2006, there was income tax benefit doled out to builders under section 801C which entitled them to pay 0% income tax on flats sold which are less than 1500 sq ft. This was the time when builders converted black money to white, buy in cash, ask for cheque payments from buyers & pay 0% income tax & enjoy white money tax free. The corrupt CONgress Govt was biggest benefactor of this scheme. Do you know who owns Indiabulls, DLF, Supertech, Omaxe ?

      Later this benefit was withdrawn & so cash component again came into picture. The same pune builder demanding 100% cheque earlier was asking for 15-20% in cash min.

      Then, the hoarders earlier used to get 100% tax deduction on amount paid as EMIs interest irrespective of number of flats & EMI amount while end users got benefit of only 2L. This recently was capped for 2L even for hoarders which meant huge taxable income now for hoarders due to which they are exiting RE altogether.

      Then comes the crooks, the builders who built not for end users but for hoarders. Build anything in jungle, hike the prices, keep hoarders happy but now there is no end user for their product. So builder is stuck, so is the hoarder.

      And now comes one more thing -
      Earlier, any tom, dick & harry out of college was financed by banks upto 95% of flat cost, this has now dropped to max 70%. At current rates, there are hardly much of flat buyers who can make 30% downpayment form their pocket, not to forget the woes in the IT market that no one wants any liability now which IT yedas were completely unaware of earlier. H1B is getting even more tougher meaning.

      Financially speaking, there was not much of a difference in 2006 between rents & EMIs so it made sense to buy. Today, the rentals are around 1-1.2% of flat cost. So the interest earned on downpayment amount itself is more than sufficient to pay the rent, so why buy ? This aspect is known to buyers now, latest video of Ravi with Kedar shows how inflated the prices were & how builders made a killing. All this is gone.

      No wonder then why several major builders are going bankrupt across the country. This is certainly not the time to buy but to stay on rent & save for making higher downpayment when prices crash further. This 25% discount available in market today is peanuts.

      Delete
  3. Pune builder DSK likely to go behind bars -

    http://www.asianage.com/metros/mumbai/201217/pune-builder-dsk-likely-to-go-behind-bars.html

    Failing to pay Rs 50 cr, DSK faces arrest -

    Now, as per orders, investigating officers are free to arrest him; but cops maintain they will take a decision after a discussion with senior officials.

    http://punemirror.indiatimes.com/pune/civic/failing-to-pay-rs-50-cr-dsk-faces-arrest/articleshow/62140786.cms

    What are cops now waiting for ? Had he been some pickpocket of small level, would cops have discussed about it ? One chap rightly told me - in this country, if you steal Rs.500, you will picked up by police, thrown in jail but if you steal Rs.500 Cr, the entire system will come to salute you !

    Btw, other question now is if this crook builder can't repay meagre amount of 50 Cr, this means he doesn't have assets of even 50 Cr, so all his big talks about thousands of crores of assets is fake has been totally proven. Same had happened earlier in case of another bigger crook - Subroto Roy of Sahara.

    ReplyDelete
  4. Dear monk, in this country police makes money (with all due respect with my good police-men friends, yes there are few left still)by not arresting only :)

    ReplyDelete