Nitesh group - Latest News Update, Information, Photos & Videos on Nitesh group at Lokmat Times

Bengaluru, July 7 The Cubbon Park police of Bengaluru, looking into Rs 712 crore fraud allegations against Nitesh group of companies, one of the top real estate group in Karnataka, have secured crucial documents in connection with 'project diversion', 'refinancing' and 'not showing timely progress of projects' after securing the loans from Yes Bank.DCP Central, Anucheth, explained that, "we had received a complaint on three counts by the Yes Bank against three entities of Nitesh Group of companies for using loans to different purposes violating the loan agreements. Firstly, it is diversion of funds to other projects, secondly, refinancing of loans to pay up different loans and thirdly, showing no timeline progress of the projects.""Notices have been issued to the accused persons and documents have been obtained. We are conducting a forensic audit in this connection and awaiting the report," he explained.A complaint was registered in Bengaluru in connection with Rs 712 crore frauds at Cubbon Park police station against Nitesh group of companies by Yes bank manager Ashish Vinod on June 16.In his complaint, Vinod alleged that the Nitesh Estates Ltd, Nitesh Housing Development Pvt Ltd and Nitesh Urban Development Pvt Ltd committed fraud. The FIR included promoter, Nitesh Shetty, and names of 7 others. It also mentioned charges against key promoters and directors.The accused persons, whose office is located on M G Road, have been carrying out financial transactions with Mumbai and Bengaluru units of Yes Bank Ltd since 2016. They have secured loans amounting to Rs 712 crore for various real estate projects over a period of time and failed to pay back, said Ashish Vinod Joshi, Yes Bank manager in his complaint.The loans were secured between February 1, 2016 and June 19, 2021 for more than 10 prestigious projects. The police have registered a case under IPC sections 34 (Acts done by several persons in furtherance of common intention), 406, 409 (Criminal breach of trust) and 420 (Cheating).Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Narendra Modi

Lok Sabha Election 2024

Heatwave In India

Mumbai Water Cut

Maharashtra Lok Sabha Election

IPL 2024

Nitesh GroupFOLLOW

Nitesh group, Latest News

International :Yes Bank fraud case: K'taka police obtains crucial evidence

Bengaluru, July 7 The Cubbon Park police of Bengaluru, looking into Rs 712 crore fraud allegations against Nitesh ... ...