This Article is From Sep 09, 2021

Lookout Circulars Issued For Minister Narayan Rane's Wife, Son In Loan Case

Nilam Hotels, owned by Nitesh Rane, too, had availed a loan from the private financial institute whose outstanding was over Rs 34 crore, the official said.

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India News

Union minister Narayan Rane's wife and son are accused in a loan default case.

Lookout circulars have been issued by authorities against Union minister Narayan Rane's wife Nilam and MLA-son Nitesh in connection with cases related to unpaid loans taken from a financial institution, said a senior Pune police official on Thursday.

A lookout circular is a notice which prevents a person from leaving the country.

Confirming the development, Deputy Commissioner of Police (Crime) Srinivas Ghadge said look-out circulars were issued against Nilam Rane and Nitesh Rane on September 3.

He said Artline Properties Pvt Ltd (main borrower), a firm owned by Nilam Rane, had availed a loan of Rs 25 crore from DHFL (Dewan Housing Finance Corporation Ltd) in which she was the co-borrower and the outstanding on the account was over Rs 27.13 crore.

Likewise, Nilam Hotels, owned by Nitesh Rane, too, had availed a loan from the private financial institute whose outstanding was over Rs 34 crore, the official said.

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Both the loan accounts were later classified as NPAs (non-performing asset - declared due to default or arrears) by DHFL due to non-repayment, he said.

As both the accounts got classified as NPAs, the financial institution approached the Centre, which then issued directions to the state government and as a result, the look-out circulars were issued, he said.

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The look-out circular, addressed to the Mumbai Airport and issued against Nilam Rane, states "there is apprehension that the said co-borrower may leave the country anytime with a malafide intention to evade repayment of the loan granted by DHFL and escape the legal actions that may be taken".

"To open the LOC (look-out circulars) of the co-borrower is necessary so that co-borrower''s travel history should be maintained and evasion of repayment of the loan availed from DHFL should be avoided," reads the circular.

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The Pune police, in their notice, have asked the airport authorities to inform them whenever the co-borrower is intercepted at the airport.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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