Cameroon Finance

May 27 2017

Raj Travels’ owner commits suicide, police say financial losses to blame #bing #travel #predictor

#raj travels

Raj Travels’ owner commits suicide, police say financial losses to blame

Zeebiz Bureau

New Delhi: Police investigating suicide case involving India’s leading leisure travel service provider Raj Travels’ owner Lalit Sheth believe that financial problems might have led him to take the extreme step.

Reportedly, Seth had a debt of around Rs 5 crore which he had to pay to SBI.

Police sources also said that when Sheth failed to pay dues of another other two banks—HDFC Bank and ICICI Bank, an official liquidator was appointed.

Seth also faced arbitration proceedings with respect to complaints filed by Tata Motors and Tata Finance involving Rs 2 crore and surrender of seven vehicles from Raj Travels. Tatas had moved a petition in the high court demanding his arrest in this concern, which the court could have looked into it this month.

Lalit Sheth allegedly committed suicide by jumping off the Bandra Worli Sea Link bridge in central Mumbai on Wednesday.

“56-year-old Sheth, who owns Raj Travels, jumped from the sea link bridge this afternoon, leaving a suicide note,” Deputy Police Commissioner Dhananjay Kulkarni told reporters.

According to police, Sheth asked his driver to stop the car on the bridge and told him to drive the vehicle ahead slowly, saying he would like to take a walk on the bridge.

As the driver drove the vehicle, he realised that Sheth jumped into the sea, Kulkarni said.

“Sheth’s body was recovered from the Worli village shore. It was taken to Sion hospital for post mortem,” he added.

The DCP did not mention the content of the suicide note.

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