By: Mary Ann Pekara
December 20, 2010
Naresh Kumar, the owner of Sitar, an Indian restaurant in Nashville, recently pleaded guilty to charges of bankruptcy fraud.
Kumar admitted to concealing assets during his bankruptcy proceeding, according to the Tennessean. His concealed assets reportedly include interest in several petroleum companies and a home valued at more than $800,000. He faces up to five years in prison and a $250,000 fine for his failure to disclose these assets.
The restauranteur's disclosed assets were sold off in 2004 and he was reportedly discharged of more than $3 million in debt. His undisclosed assets were not auctioned off at that time, according to the news source, as they were concealed from the bankruptcy court.
His bankruptcy was changed into a Chapter 7 bankruptcy after court officials discovered that Kumar had concealed assets, the news provider reports.