Kathmandu. Sharma has been arrested in connection with the misappropriation of loan taken from the bank and Shashi . Sharma, who is also a Butwal-based businessman, was arrested by a team of the Central Investigation Bureau (CIB) of Nepal Police. 

According to CIB sources, he was arrested on the charge of misappropriating loans under the Banking Offence and Punishment Act, 2064 after he was found misappropriating the loan taken from Prabhu bank. 

According to sources, Sharma had taken a loan of Rs 48 crore from Prabhu Bank for the construction of the resort.However, he is accused of using the money to pay the dues of family members and other creditors of his group.

During an on-site inspection conducted by the bank, Sharma was found guilty of misappropriation of loans. Sharma is also the chairman of Asian Village Resort Pvt. Ltd.