Why is Art Director Nitin Desai Committed suicide?

By BC Team 2 Min Read

Today morning shocking news trended on the internet that Nitin Desai Committed suicide but here is the reason you must know why he committed suicide and what the reason behind his suicide, we will know everything about Nitin Desai’s suicide.

Nitin Desai was found dead in his studio in Raigad, Maharashtra. The 72-year-old director faced financial woes, struggling to repay a staggering Rs 252-crore loan leading to bankruptcy. he got involved in the financial crises badly. Ahead he was not able to see any further direction to get recover from these financial crises.

Nitin’s financial problems started in January 2020, Nitin’s company, ND’s Art World Pvt Ltd, borrowed 185 crore through two loans from ECL Finance in 2016 and 2018. ND’s Art World Pvt Ltd company just not involved in the direction, the company is also involved in organizing, maintaining, and operating replicas of historical monuments, as well as providing facilities and services related to hotels, restaurants, shopping malls, and recreation centers.

On a short note, he was facing issues all around, he was not looking financially stable for the last few years. He was ruining lots of business and getting losses from everywhere, The loan amount was too heavy to pay for this moment. The creditors had reportedly classified the account as a non-performing asset or NPA on 31 March 2021, and the total default amount reached Rs 252.48 crore as of June 30, 2022.

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