Kathmandu. Businessman Dikshant Baniya has been arrested. The Central Investigation Bureau of Police (CIB) has arrested Baniya .

He was arrested on the charge of misappropriating loans of Rs 340 million from various banks , the CIB said. According to the CIB, Baniya was arrested on the basis of a letter from the Nepal Rastra Bank .

Ban iya has been accused of investing the loan taken in the name of Underground Cement Company in another company and investing the loan amount in shares.

However, a CIB source said that the investigation is underway against Baniya in the case of banking after it was found that he had spent the loan taken from 4 different banks } for different purposes.

Baniya is the son of Nepali Congress leader and former Chief Minister of Bagmati Province, Indra Bahadur Baniya.