Nitin Desai Death: FIR Registered Against Creditor Frim ECL Finance, Edelweiss Group

The Khalapur police in Maharashtra have registered a First Information Report (FIR) following the death of renowned art director Nitin Desai, as reported by police officials.

The FIR has been filed under IPC sections 306 (abetting suicide) and 34 (common intention) based on a complaint by Neha Nitin Desai, the wife of the deceased art director, according to a police official.

The FIR is directed against five individuals associated with ECL Finance company and Edelweiss. The allegations state that these officials mentally tortured Nitin Desai over a loan that he had reportedly borrowed.

The recent development comes in the wake of Maharashtra Deputy Chief Minister Devendra Fadnavis announcing that the role of a private lending firm, from which Nitin Desai had taken a loan, would be investigated to determine whether he was charged high interest and if he was under stress.

Devendra Fadnavis, who is also in charge of the home department, mentioned during the state legislative assembly that legal aspects regarding the preservation or government takeover of Nitin Desai's N D Studio in Karjat near Mumbai would be thoroughly examined.

Nitin Desai, known for his remarkable sets in films like "Jodhaa Akbar" and "Lagaan," as well as the iconic TV quiz show "Kaun Banega Crorepati," was found hanging at his studio on Wednesday.

His company, ND's Art World Pvt Ltd, had taken two loans totaling Rs 185 crore from ECL Finance in 2016 and 2018, and repayment troubles began in January 2020.

The company had defaulted on a Rs 252-crore loan from a financial creditor, as per an insolvency petition filed in a bankruptcy court last week. ECL Finance, a prominent Non-Banking Financial Company (NBFC), is promoted by the Edelweiss Group.

Devendra Fadnavis responded to BJP MLA Ashish Shelar's demand, stating that Nitin Desai's death should not be treated merely as an accidental case but should be approached from a broader perspective.

Shelar stressed that Nitin Desai had achieved significant recognition in the field of art direction through his exceptional talent and accomplishments.