For allegedly aiding in the death of art director Nitin Desai, Raigad police in Maharashtra on Friday filed an offence against five people, including representatives of ECL Finance and Edelweiss Group. According to an officer, a First Information Report was filed at the Khalapur police station under Indian Penal Code sections 306 (abettement of suicide) and 34 (common purpose) in response to a complaint made by Neha Desai, Desai’s wife.
According to the complaint, her husband committed himself as a result of ongoing psychological abuse related to the loans his firm had taken out.Based on to reports, Desai hung himself on Wednesday at his studio in Karjat, Raigad district, where he had previously worked on well-known Bollywood films including “Lagaan” and “Jodhaa Akbar.”
His business had neglected to repay creditors for a loan of Rs 252 crore, and the Mumbai bench of the National Company Law Tribunal had already begun bankruptcy proceedings against it. Two loans totaling Rs 185 crore were obtained by Desai’s business, ND’s Art World Pvt Ltd, through ECL Finance in 2016 and 2018. Problems with repayment began in January 2020. The Edelweiss Group’s non-banking financing division is called ECL financing.