Police arrests Sudhir Basnet

Police today evening arrested builder and Agni Air promoter Sudhir Basnet on charges of fraud.
"We have arrested Basnet from Tinkune in Kathmandu on complaints from his nine clients, whom he promised flats in his apartments being promoted by him," confirmed a police officer from Metropolitan Police Crime Division, Hanuman Dhoka.
Basnet, who had promised flats to around 1,000 people in 10 of his housing projects like Oriental Apartments, Kohinoor Housing  and Eastern Apartments, was unable to deliver due to slowdown in housing business and lack of cash flow to complete construction of the apartments.
Basnet, who had also been blacklisted by the Credit Information Bureau (CIB) as he was unable to pay loan to the banks, also have to pay over billions to Oriental Cooperatives' depositors, who have been making rounds of his office since last couple of months.
He had invested depositors’ money from Oriental Cooperatives to the housing projects against the cooperatives and central bank's banking regulation.
Likewise, three banks and financial institutions have yesterday put Agni Air, owned by him, for auction as the airlines failed to meet the loan repayment deadline that was December end. They issued a seven-day auction notice yesterday for the sale of Agni Air’s five aircraft — three Jetstream 41s and two Dorniers — their spare parts and land plots in Bhaktapur.
Grand Bank, Sunrise Bank and International Leasing and Finance Company have lent the airlines Rs 650 million. But it failed to repay loan by deadline.

Basnet has however, around Rs 4 billion loan from different banks and financial institutions.