Real estate agency booked for defaulting on bank loan
The Hindu
A real estate development agency that had been booked by the Central Crime Branch police in March 2019 for allegedly cheating many of its investors is once again in trouble, this time for allegedly ch
A real estate development agency that had been booked by the Central Crime Branch police in March 2019 for allegedly cheating many of its investors is once again in trouble, this time for allegedly cheating a bank. The Cubbon Park police have booked Nitesh Estates for cheating Yes Bank for defaulting on a ₹712 crore loan. A case was registered against the company and its promoter, Nitesh Shetty, on Saturday based on a plaint by a Mumbai-based representative of Yes Bank. “The promoter and staff have been charged for cheating and criminal breach of trust. The complaint, Mr. Joshi, said the company has its head office on MG Road and opened accounts with a Yes Bank branch on Kasturba Road and also in the Mumbai branch for financial transactions,” said a police officer. In 2016, it availed of a ₹712 crore loan for various projects from both the banks. “However after a few instalments, the company defaulted on the loan and despite repeated reminders failed to respond,” said the police.More Related News
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