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HC directs state to file reply in Kalpvriksh Mktg company's fraud

Written by: Staff
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Mumbai, Mar 29 (UNI) Bombay High Court today directed the State Home Secretary to file details of the assets of Kalpvriksh Marketing Private Limited, that allgedly duped its investors to the tune of Rs 558 crores.

A division bench comprising Chief Justice Kshitij Vyas and Justice Dhananjay Chandrachud gave the direction follwing an appeal by a group of investors from parts of Maharashtra, Gujarat, Goa and Karnataka to the court for reimbursement of their money invested with the company.

Kalptaru was started by one Dr Umesh Khade in 1999, who expired recently due to a heart attack. While he managed to pay his investors high interest rate for the first two to three years, the investors failed to get their money after the maturity of their deposit period. As the campany went bankrupt and the investors' cheques bounced, a number of PILs had come up before the court seeking reimbursement.

Also, in 2001, the State government came up with the Maharashtra Protection of Interest of Depositors Act, which was challenged for its constitutional validity and quashed making the investors very apprehensive.

However, according to the court's earlier direction, investigation of the properties had been carried out by the CID of Kokan Bhawan and the properties in Thane and Amravati, attached to Kalpvriksh were seized by the Collector.

Following the petition that came up before the court today, direction have been given to Additional Government Pleader Pradeep Patil to file a reply in a week on behalf of the Home Secretary, who is supposed to investigate and list the properties that are attached to Kalpataru.

The case will come up for hearing on April 5.

UNI XR-ARM KD VD DB2158

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