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

Raigad police in Maharashtra on Friday registered an offence against five persons, including officials of ECL Finance and Edelweiss Group, for alleged abetment of art director Nitin Desai's suicide. 

Nitin Desai was found hanging at his studio at Karjat in Raigad district on Wednesday. ( Image Source :Instagram/@nitinchandrakantdesai )

New Delhi: Renowned art director Nitin Desai was found hanging at his studio at Karjat in Raigad district on Wednesday. His company had defaulted on a Rs 252 crore loan repayment to creditors. In the latest update, Raigad police in Maharashtra on Friday registered an offence against five persons, including officials of ECL Finance and Edelweiss Group for alleged abetment of Nitin Desai's suicide. 

According to PTI, a First Information Report was registered under Indian Penal Code sections 306 (abetment of suicide) and 34 (common intention) at Khalapur police station based on a complaint filed by Desai's wife Neha Desai.

According to PTI report, the complaint alleged that her husband was facing repeated mental harassment in connection with the loans his company had taken and he committed suicide because of it. 

Desai's company ND's Art World Pvt Ltd had borrowed Rs 185 crore through two loans from ECL Finance in 2016 and 2018, and troubles with repayments started from January 2020. The outstanding dues went up to Rs 252 crore including accrued interest by June 2022. 

ECL Finance is a non-banking finance arm of the Edelweiss Group. Earlier on Thursday, Edelweiss Asset Reconstruction Company promised full cooperation with authorities investigating the death of Nitin Desai. 

"We are committed to fully cooperating with all the relevant authorities. Our commitment to transparency, cooperation, and adherence to the legal process remains steadfast," PTI quoted the statement. 

On Friday, the last rites of the art director were held at his studio in Karjat in the presence of family members and colleagues. 

Superstar Aamir Khan, filmmaker Ashutosh Gowariker, Sonali Kulkarni, Madhur Bhandarkar, Marathi actor Subodh Bhave, among others visited ND Studios to pay their last respects. 

In a career spanning more than 30 years, Desai worked with directors like Vidhu Vinod Chopra, Sanjay Leela Bhansali, Rajkumar Hirani, and Ashutosh Gowariker, creating sprawling sets for scores of films, including 'Devdas', ‘Swades’, ‘Jodhaa Akbar’, ‘Prem Ratan Dhan Payo’ and ‘Parinda’.