Nitin Desai’s wife said her husband was subjected to constant mental harassment as a result of the debts his firm had taken, and he committed himself as a result.
Raigad police in Maharashtra charged five people on Friday, including Edelweiss Group employees and its subsidiary ECL Finance, with aiding and abetting the death of art director Nitin Desai. According to an officer, a First Information Report was filed at Khalapur police station under Indian Penal Code sections 306 (abetment of suicide) and 34 (common purpose) based on a complaint made by Desai’s wife Neha Desai. According to the lawsuit, her husband was subjected to constant mental abuse as a result of the debts his firm had taken, and he committed himself as a result.
His business had failed on a Rs 252 crore loan repayment to creditors, and the National Business Law Tribunal’s Mumbai bench had begun bankruptcy proceedings against it.
Desai’s firm, ND’s Art World Pvt Ltd, borrowed Rs 185 crore from ECL Finance in two loans in 2016 and 2018, and repayment issues began in January 2020. ECL Finance is the Edelweiss Group’s non-banking finance subsidiary.
The National Award-winning art director’s last rites were conducted on Friday at his Karjat studio in the presence of family members and coworkers.
On Wednesday morning, the 57-year-old was discovered dead on the grounds of his studio in Karjat, Raigad district.
