Bank files criminal case against this realty firm in Rs 712 cr case

New Delhi: The YES Bank has now filed a criminal case against realty player Nitesh Estates Ltd for allegedly not paying back the borrowings of Rs 712 crore. 

The bank has filed an FIR at Cubbon Park police station in Bengaluru on 19  June. It the FIR has been filed on the complaint by Ashish Vinod Joshi who is a representative of the bank in Mumbai.

The realty firm and its subsidiaries allegedly borrowed Rs 712 crore for 12 of their real estate projects since Feb 2016 but failed to pay back loans as per the agreed terms.

Thus, the police has named Nitesh Estates Ltd, Nitesh Housing Developers Pvt Ltd and Nitesh Urban Development Pvt Ltd, in the FIR.

Nitesh Estates chairman Nitesh Shetty, ED L S Vaidyanathan, Independent Directors Ananthanarayanan, Kumar Nelore Gopal Krishna, tennis player Mahesh Bhupathi, Executive VP Pradeep Narayan, Chandrashekhar Prashanth Kumar and its key promoters have also been booked by the Police. 

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