5 Edelweiss officials booked for abetting Desai suicide

Two days after the death of renowned art director Nitin Desai at his studio in Karjat, the Raigad police has registered a case of abetment of suicide against five top officials of Edelweiss and ECL Finance based on a complaint by his wife Neha Desai

Navi Mumbai: Two days after the death of renowned art director Nitin Desai at his studio in Karjat, the Raigad police has registered a case of abetment of suicide against five top officials of Edelweiss and ECL Finance based on a complaint by his wife Neha Desai.

Mumbai, India – Aug 04, 2023: Chief Minister of Maharashtra, Eknath Shinde, Deputy Chief Minister of Maharashtra, Ajit Pawar, pays his last respects to the mortal remains of film art director Nitin Desai at JJ Hospital, in Mumbai, India, on Friday, Aug 04, 2023. (Photo by Bhushan Koyande/HT Photo)

The five officials named in the FIR are chairman and CEO of Edelweiss Rashesh Shah, Chief Risk Officer ECL Finance Smit Shah, RK Bansal from Edelweiss ARC, Jitendra Kothari, insolvency professional and one Keyur Mehta.

Raigad Superintendent of Police Somnath Gharge said that Desai’s wife has told the police that officers from Edelweiss and ECL Finance had been harassing her husband over a loan he had taken. “His wife has alleged that Desai took the extreme step due to the mental stress caused by the officials. Accordingly, we have registered the case of abetment of suicide against five officers.”

The death of the award-winning art director came a week after a tribunal ordered bankruptcy proceedings against his company ND’s Art World Pvt Ltd on a plea by Edelweiss Asset Reconstruction Company Limited after Desai’s company failed to repay a loan amount of ₹252 crore.

The five officials have been booked under sections 306 (abetment of suicide) and 34 (common intention) of the IPC. Initially, an accidental death report (ADR) had been registered in the case. The abetment of suicide case is now being investigated by Deputy Superintendent of Police (Khalapur) Vikram Kadam.

Desai, who would have turned 58 on August 9, took his life on August 2 at his studio by hanging himself. He had left 11 audio notes in the voice recorder which the Raigad police have seized and sent to forensic experts.

Hours before he was found dead in his Karjat studio, art director Nitin Desai recorded an appeal to the Maharashtra government to take it over and use it for the benefit of art and artists instead of allowing it to fall into the hands of financial institutions.

In a statement, Edelweiss ARC said, “Edelweiss ARC followed all legal processes as mandated by RBI and has not acted in any manner outside of the legal framework. Neither was the interest rate charged excessive nor was there at any time undue pressure being put on the borrower for recovery. We respect the need for the authorities to inquire into such tragic events and will cooperate fully with the enquiry process. Nitin Desai’s death is a big loss to the Indian film industry and the art world that no words can express. We pray for his soul and offer our heartfelt condolences to his family and the staff of ND Arts.”

Meanwhile, the last rites of Desai were conducted on Friday in the presence of his family and friends at ND Studio, Karjat, in accordance with his wishes. Earlier, his mortal remains were kept at Diwan-E-Aam area at the studio where hundreds of people paid their respects. Many from the film fraternity were also present, including actors Aamir Khan, Sonali Kulkarni, director Madhur Bhandarkar. Chief minister Eknath Shinde and deputy chief minister Ajit Pawar also paid their respects.