Sudhir Basnet released on bail

Businessman Sudhir Basnet was released after paying a bail amount of Rs. 10,000 on Tuesday.

The Patan Appellate Court ordered his release on normal bail. Basnet, whose company owns Agni Air and a number of housing projects, is accused of fraud and banking crime.

Though the Kathmandu District Court on Sunday released Basnet after posting a bail amount of Rs. 600,000 for the allegations of financial fraud, he was still kept in custody on changes for banking crime.

Dozens of people who paid advance money to his company for housing apartments went to the police after he failed to provide the apartments. Banks that had provided loan to his company had also complained of possible default.

He has been saying that he would provide the apartments to the customers or return their cash, insisting that some banks were conspiring against him as they are trying to capture his properties by auctioning them for cheap rate. Nepalnews.com