Look-out 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 look-out 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.

Nitesh Rane said his family will challenge the circulars in the Bombay High Court and questioned the Pune police’s authority to issue them when they have already expressed willingness to repay the dues. DCP Ghadge 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 DCP said. Both the loan accounts were later classified as NPAs (non-performing asset – declared due to default or arrears) by DHFL due to non-repayment, the police officer 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.

News Source : The Wire