An executive of a New Jersey-based hotel management company with properties in Delaware is facing federal charges linked to applying for bank loans from a Cecil County financial institution.
Cecil Daily reported that Mehul “Mike” Ramesh Khatiwala attempted to get loans from Cecil Bank, Elkton while working with an executive of Citibank as well as a physician-investor.
The newspaper-website reported that Khatiwala attempted to gain $15 million in loans from Cecil Bank that included buying a $5 million multi-family project in Perryville, a town in western Cecil County.
He also attempted to gain loans for hotels in Pennsylvania and Tennessee, court papers indicated.
The court filing indicated that he overstated the amount of money in an account and the percentage of ownership in an LLC.
Cecil Bank has faced financial struggles in dealing with loans and in 2017 filed for Chapter 11 bankruptcy reorganization The bank’s market area included New Castle County, DE.
Khatiwala is listed as CEO of Delaware Hotel Group, which owns Best Western hotels in north Wilmington and Smyrna, the Holiday Inn in Dover, Comfort Suites in Dover and Knights Inn in New Castle.
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Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.