CCB raids office of Nitesh Estates after complaints

In a late-evening operation on Tuesday, sleuths of the Central Crime Branch raided the office of the prominent real estate firm Nitesh Estates at Times Square on MG Road and took possession of several important documents pertaining to its various projects across the city.

The raids were the fallout of a series of complaints of cheating by the firm’s chairperson and managing director Nitesh Shetty and the firm’s executive director Vaidyanathan L S.

Sources in the Bengaluru police revealed that several people had filed cheating complaints against the proprietors of the firm at the Halasuru police station. With several others also filing complaints on similar grounds, City Police Commissioner T Suneel Kumar had ordered the transfer of the case to CCB a few days ago.

Confirming the raids on the Nitesh Estates’ office to DH, the police commissioner said: “The CCB team had raided the office and seized documents pertaining to the firm’s various projects. We are further examining the documents as part of the investigation.”

According to the complaints, several people had invested in the firm to purchase villas and flats promoted by the company. “We have not made any arrests in the case yet as we are verifying the documents and other evidence to establish a link as alleged by the complainants,” Kumar added.

Chaitanya Shiroor, a resident of Jakkur, had alleged in her complaint that the firm had promised villas as part of its projects at Yelahanka and mopped up Rs 120 crore from over 50 people. However, the firm failed to deliver on its promise, her complaint stated.

Similarly, another resident from Kadugodi, Mahesh M S, complained that he had paid Rs 3.52 crore for a villa between 2014 and 2016.

“Nitesh Shetty and Vaidyanathan had promised to hand over a flat by 2014 and even five years after the agreement, they have not given me a flat,” alleged yet another investor from Vidyaranyapura, Nandakumar P T.

Clarifying on the charges by several investors, a Nitesh Estates spokesperson told DH: “An FIR against the company is frivolous. The company is settling the matter and will be making payments to the parties concerned soon.” The spokesperson has also clarified that Nitesh Estates has also filed counter-complaints against those who had protested in front of the office in Halasuru.