A real estate development agency that was retained by Central Crime Branch police in March 2019 for allegedly cheating on many of its investors is in trouble again, this time for allegedly cheating on a bank.
Cubbon Park Police booked Nitesh Estates for cheating Yes Bank for defaulting on a 712 crore loan. A case was filed on Saturday against the company and its promoter, Nitesh Shetty, based on a complaint filed by a representative of Yes Bank based in Mumbai. “The promoter and staff have been charged with cheating and criminal breach of trust. The complaint, Mr Joshi, states that the company is headquartered on MG Road and has 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, he received a loan of 712 crore for various projects from the two banks. “However, after a few installments, the company defaulted on the loan and despite repeated reminders did not respond,” police said.
Incidentally, police filed a complaint against the company in 2019 for duping several of its investors and refusing to hand over the apartments. At the time, the then commissioner, T. Sunil Kumar, referred the matter to the CCB for a detailed investigation.