Kathmandu, February 1
Businessman Arun Chaudhary has been arrested.
A team of officers from the Central Investigation Bureau (CIB) arrested him from Lanchaur in Kathmandu on Thursday.
SP Navraj Adhikari said Chaudhary had been arrested in connection with the investigation into the dispute over the transfer of land that originally belonged to the Bansbari leather and shoe factory.
The CG Residency is reported to have transferred approximately 1.26 acres of land that was originally part of the Bansbari leather shoe factory.
The CIB has also arrested Ajit Narayan Singh Thapa, who was the executive head of the Bansbari leather shoe factory at the time, for further investigation.
What is the dispute?
The Bansbari leather and shoe factory was established in 1965 with the support of the Chinese government.
Around 1.26 acres of land were reportedly sold to Champion Footwear after the Bansbari leather shoe factory showed continuous losses. In August 1986, 0.75 acres of land were sold to Champion Footwear at a price lower than the government valuation, specifically at Rs 250,000 per 0.12 acres. Additionally, another 0.5 acres were given in exchange for 2,500 shares of the industry. These transactions are now under scrutiny and investigation.
During that period, Arun, along with Binod Chaudhary, Basant Chaudhary, and others, were shareholders of Champion Footwear. However, recently, the share structure has changed, and the only remaining shareholders are Arun and his wife, Sheela.
Interestingly, Champion Footwear no longer exists, as it has transformed. The company’s name has been changed to CG Chandbagh Residency Pvt Ltd, and the Chaudhary Group Foundation now operates Chandbagh School on the premises.
