Police said Sharma, who is the chairman and managing director of Lotus Refineries, defaulted on about Rs 159 crore that he borrowed from NSEL, and then spent the amount on real estate, films and furniture.
“He has splurged the money on real estate, designing his office and producing Satya 2, where he paid about Rs 20 crores. Hedid not intend to return the money,” said an EOW official.
Last month, the NSEL had declared Sharma as a defaulter in the ongoing payment crisis at the NSEL.
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