Banking News – Chairman of Asian Village Resort, Shashidhar Sharma, has claimed that he did not misuse the Rs 48 crore loan taken from Prabhu Bank. During his statement, he said that the majority of the loan amount was paid as advance payments and earnest money to the respective landowners for purchasing land for the resort.

In his statement, he said, “I have not misused the loan amount. I was supposed to purchase land worth approximately Rs 100 crore in the name of Asian Village Resort Pvt. Ltd. I have taken a total loan of Rs 48 crore. That loan amount has been given as advance to the respective landowners. The land could not be transferred to the company’s name because the full amount could not be paid. Throughout the entire loan process, I was only in contact with Santosh Gwalani, Branch Manager of Prabhu Bank, Manigram Branch. Since the land transfer to the company’s name required the money to be shown as going from the company to the respective landowners, the money appears to have moved through various individuals’ accounts.”

According to Sharma, Asian Village Resort was established with the objective of constructing a five-star hotel with a capacity of 151 bedrooms. The company’s paid-up capital currently stands at Rs 98 crore 95 lakh, and he has been managing the company’s daily operations, banking transactions, and financial decisions himself. In his statement, Sharma mentioned that although the company was initially in the name of his brother Shishir Poudyal, he has been handling all transactions since the company’s acquisition. He stated that when land was needed for resort expansion in Mayadevi Rural Municipality-4, the shares were transferred from his brother’s name to his own name.