Man ended life after failing to repay Rs 2cr

MUMBAI: Businessman Jatin Patel, who ended his life by jumping in front of a train at Kandivli last month, was going through a trying time after officials from a public sector bank sealed his pharmaceutical factory, the police said. A resident of Charkop, Patel (50) had taken a Rs-2 crore loan from the bank. In his suicide note, he said he had asked the bank for six months’ time to repay the loan, but the officials refused to do so.

“We summoned the representatives of the bank for inquiries, following Patel’s death. They said that Patel had taken a loan of Rs 1.84 crore in 2006, but wasn’t able to repay the amount. The bank then advised him to rope in a partner who could invest finance in the factory or had land at his disposal. An additional loan of Rs 30 lakh was sanctioned to Patel for expanding his business,’’ senior inspector PM Karyakarte said.