Crime Investigation Bureau under the Metropolitan Police Range (MPR) in Hanuman Dhoka had arrested Basnet as per the complaints filed by some customers of a housing project promoted by him.[break]
“Though I have been arrested for not providing apartments to my customers on time, the inside story is different. It is a conspiracy to sell off Agni Air at a cheaper price,” Basnet told reporters on Saturday.
A consortium of banks and financial institutions -- Grand Bank, Sunrise Bank and International Leasing and Finance, on Thursday issued a seven-day notice to auction off Agni Air.
He also said the consortium was attempting to auction off Agni Air for Rs 650 million even though the market value of the airline stands at more than Rs 950 million.
Basnet had launched different housing projects when realty business was at its peak three years ago.
“Banks gave me seven-day notice to clear the due at a time when I was preparing to sell Agni Air for Rs 950 million,” Basnet said, adding that he had missed payment of only two installments.
Accusing the banks of foul play, he even demanded with the Nepal Rastra Bank, the banking sector regulator, to look into the case.
However, Surendra Pradhan, CEO of Sunrise Bank, said the consortium had given Basnet more than a year to clear an installment of Rs 150 million. “It is ridiculous to say that we didn´t give him sufficient time to clear the due,” Pradhan said, adding, “The consortium is even ready to reconsider the auction notice if Basnet brings along a party to buy Agni Air for Rs 950 million.”
Pradhan further said the consortium issued the auction notice after its repeated attempts to recover loans failed.
Basnet owes a total of Rs 2 billion to different banks and financial institutions. Along with Agni Air, he has been promoting different housing projects, including Oriental Colony, Vegas City, Kohinoor Hill and Imperial Housing. Though he had promised customers to hand over apartments a year ago, these projects are still far from being completed.
Basnet also complained that he has not been given the opportunity to talk directly with the customers who filed complaints against him.
“Putting me behind the bars is not the solution. I should be given opportunity to clear the due from my businesses,” he added.
Credit Information Center (CIC) has already blacklisted Basnet after checks issued by his company were bounced many a times. Oriental Saving and Credit Cooperative, which is promoted by Basnet, has mobilized deposits worth Rs 3.89 billion from more than 7,000 customers.
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