KATHMANDU, Feb 5: Patan Appellate Court released realtor and airline operator Sudhir Basnet, arrested on charge of financial crime, after he deposited Rs 10,000 on bail, Tuesday.
Basnet who was arrested acting on complaints lodged by some customers of a housing project promoted by him was remanded in judicial custody.
He has been claiming that the arrest was made with the ill-motive of auctioning off Agni Air promoted by him at a cheaper price.
A consortium of banks and financial institutions -- Grand Bank, Sunrise Bank and International Leasing and Finance -- had issued a seven-day notice to auction off Agni Air.
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.
Credit Information Center (CIC) has already blacklisted Basnet after checks issued by his company were bounced many 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.