1 week ago
Prosecution Seeks Auction of 131 DSK Properties for Investors
The DSK group is accused of collecting money from many people through investment schemes.
The prosecution says 11,102 investors are owed ₹610 crore.
It wants permission to sell 131 properties connected to the group.
The money from those sales would be returned to the investors.
Authorities have identified 463 properties in total.
Some properties belong to a company already involved in insolvency proceedings and may be used to pay other creditors.
Lawyers for the DSK group oppose the proposed auction.
The court has not yet decided the application.
The prosecution has asked the court to permit auctioning 131 properties linked to the DSK group.
Auction proceeds would be used to repay ₹610 crore owed to 11,102 investors.
Authorities identified 463 properties; nine were released and 323 belong to DSK Developers Limited, which is undergoing insolvency proceedings.
The prosecution alleges that 59 DSK companies collected public funds through deposit and loan schemes between 2006 and 2017.
The DSK group has opposed the application, arguing that the Competent Authority—not the prosecution—must handle the attachment and recovery process.
- Who
- The prosecution, the DSK group, and 11,102 investors are involved; Special Public Prosecutor Shishir Hire filed the application.
- What
- The prosecution seeks permission to make the attachment of 131 properties absolute and auction them to repay investors.
- Where
- The case is before a court in Mumbai.
- When
- The application was reported on August 20, 2026; the alleged fund collection occurred from 2006 to 2017.
- Why
- The prosecution says auction proceeds are needed to recover ₹610 crore owed to affected investors.
Prosecution
DSK Group
Authority to auction properties
Prosecution
The prosecution seeks to make the attachment of 131 properties absolute so the properties can be auctioned and investors repaid.
DSK Group
The DSK group's lawyer argues that the application was not filed by the Competent Authority, which has the power to make the properties absolute and clear investor dues.
Legal procedure
Prosecution
The prosecution says the competent authority and Crime Branch are responsible for recovering the investors' money and has asked for the auction process.
DSK Group
The DSK group contends that mandatory provisions of the special MPID Act were not followed.
Use of other properties
Prosecution
The prosecution has no objection to releasing 323 properties belonging to DSK Developers Limited for the company's insolvency process and payment of other debtors.
DSK Group
The article does not state a separate position from the DSK group on the release of those 323 properties.
Key facts
- Properties proposed for auction
- 131
- Investors seeking repayment
- 11,102
- Amount claimed for repayment
- ₹610 crore
- Properties identified by authorities
- 463
- Properties released
- 9
- DSK Developers Limited properties
- 323
- Alleged proceeds of crime
- ₹1,129 crore
- Alleged collection period
- 2006 to 2017
Sources
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