Renowned Industrialist Arun Chaudhary Faces CIB Scrutiny Amidst Allegations of Land Privatization and Investment Irregularities Unveiled

In a significant development, the Central Investigation Bureau of Police has elicited a statement from prominent industrialist Arun Chaudhary, who is presently in the custody of the CIB. The charges against Chaudhary pertain to the alleged privatization of a substantial 10 ropani plot of land in Bansbari. The roots of this controversy extend to the establishment of Champion Footwear within the precincts of the Bansbari Leather and Shoe Factory. Presently, the Chaudhary Group administers a Chandbagh school on the premises, purportedly after acquiring the aforementioned land in the name of Champion Footwear.

During the interrogation conducted by investigating officers, Chaudhary acknowledged his status as an investor in Champion Footwear. In a noteworthy turn of events, Chaudhary expressed his willingness to return the disputed land in the presence of Sandesh Shrestha, the esteemed head of the District Public Prosecutor’s Office in Kathmandu. “According to our investment, Bansbari Leather Shoe Factory had allotted us the land, but I am prepared to relinquish it,” affirmed Chaudhary.

The genesis of the imbroglio lies in the Chaudhary Group’s establishment of Champion Footwear, entailing a transfer of 25 percent of shares to Bansbari Leather Shoe Factory. Shedding light on the financial intricacies, Dinesh Acharya, Senior Superintendent of Police at CIB, disclosed that, as per the agreement, the Leather Shoe Factory was obligated to invest 1.2 million in Champion Footwear. However, a substantial investment of 2.6 million transpired, revealing a deviation from the agreed-upon terms.

Further investigation by the bureau revealed that the monetary influx, ostensibly amounting to 25 lakhs, equivalent to the value of 10 ropani land, coupled with an additional 1 lakh in cash, totaled 26 lakhs. Officers engaged in the inquiry asserted that the infusion of 2.6 million into the paid-up capital of Champion Footwear, originally pegged at 50 million, was indicative of ulterior motives. Specifically, the alleged contravention of the agreement to only secure a 25 percent share, rather than a more substantial stake exceeding 50 percent, raised eyebrows among the investigative team.

The individuals implicated in this intricate web of financial maneuvers include Arun Kumar Chaudhary, the erstwhile proprietor of Champion Footwear Pvt. Ltd., Ajit Narayan Singh Thapa, the former president of Bansbari Leather Shoe Factory Limited, and Sanjay Thakur, president of CG Chandabagh Residency Pvt. This investigation promises to unveil further layers of complexity as the legal proceedings unfold.

Scroll to Top