Police have arrested real estate businessman Sudhir Basnet who is accused of swindling billions of rupees and was on the run since the past few years. He was arrested at 11 pm on Tuesday night from his Dhapasi-based home in Kathmandu.

Basnet is accused of failing to pay the loans of 14 different banks amounting to over Rs 1.6 billion. He is also accused of swindling money of hundreds of people through his cooperatives.

Acting Chief of Kathmandu Police Pradhyumna Karki informed that the arrest was made in compliance with the court orders from Kathmandu District Court and Bhaktapur District Court.

According to the police, Basnet was on the run and was living in India after the court judgments.