Police has accused Chairman of Oriental Saving and Credit Cooperative Sudhir Basnet, Vice-chairman Dhirendra Prasad Pradhan and board members Ewajang Rayamajhi, Laxman Thapa Kshetri, Thakur Prasad Parajuli, Kalichandra Bahadur JC and Shreedhar Ghimire of cheating costumers. [break]
In addition to jail terms for each, Police has sought confiscation of Rs 83.23 million from Basnet and Pradhan and Rs 9.39 million from the rest of the others. Police has already presented Basnet in court, while Pradhan has been absconding.
Police on January 4 had arrested Basnet acting on complaints lodged by some customers of a housing project promoted by him. KDC on January 6 had sent Basnet to judicial custody for seven days.
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, the projects are still far from being completed.
Credit Information Center (CIC) has already blacklisted Basnet after checks issued by his company were bounced many times. Oriental Savings and Credit Cooperative, which is promoted by Basnet, has mobilized Rs 3.89 billion deposited by more than 7,000 customers.
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