scorecardresearch
Follow Us:
Saturday, July 31, 2021

Bengaluru-based real estate company booked for defaulting on Yes Bank loan

According to a complaint filed by Ashish Vinod Joshi, a representative of Yes Bank Limited in Mumbai, the company has borrowed Rs 712 crore for 12 of its projects since February 2016.

Written by Darshan Devaiah BP | Bengaluru |
July 7, 2021 5:46:38 pm
A case was registered against the company and its promoter, Nitesh Shetty, recently based on a complaint by a representative of Yes Bank. (File Photo)

A Bengaluru-based real estate development agency has been booked by the Bengaluru Police for allegedly cheating a bank.

The Cubbon Park police have booked Nitesh Estates Limited and its subsidiaries for allegedly cheating Yes Bank by defaulting on a Rs 712-crore loan. A case was registered against the company and its promoter, Nitesh Shetty, recently based on a complaint by a representative of Yes Bank.

According to a complaint filed by Ashish Vinod Joshi, a representative of Yes Bank Limited in Mumbai, the company has borrowed Rs 712 crore for 12 of its projects since February 2016. However, after a few instalments, the company defaulted on the loan and despite repeated reminders, failed to respond.

Following the complaint, the police on June 19 registered an FIR naming Nitesh Estates Limited (NEL), Nitesh Housing Developers Pvt Ltd, Nitesh Urban Development Pvt Limited, NEL’s Chairman Nitesh Shetty, Executive Director LS Vaidyanathan, Independent Directors Ananthanarayanan, Kumar Nelore Gopal Krishna, Mahesh Bhupathi — an international tennis player — Executive Vice President (Operations) Pradeep Narayan, Chandrashekhar Prashanth Kumar, and its key promoters.

Speaking to Indianexpress.com, M N Anucheth, DCP Bengaluru Central Division said, “We had received a complaint by Yes Bank against three entities of Nitesh Group of companies for using loans for different purposes and violating loan agreements. We have already issued notices against the accused in the case and obtained relevant documents and sent for a forensic audit and awaiting the report.”

The accused have been booked under sections 406 (punishment for criminal breach of trust), 409 (criminal breach of trust by public servant, or by banker, merchant, or agent), and 420 (cheating).

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Bangalore News, download Indian Express App.

  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
Advertisement

Advertisement
Advertisement
Advertisement