Bhotekoshi Heli Resort Under Deependra Agrawal’s Control Faces Allegations of Investor Deception and Unpaid Bank Loans

June 18, Kathmandu — Share trader Deependra Agrawal, despite taking control of the Bhotekoshi Heli Resort and Spa in Sindhupalchok and committing to managing its operations and liabilities, has reportedly neither repaid the bank loan nor compensated previous investors.

Agrawal acquired shares from former investors, taking on the responsibility to operate the resort and manage its assets and liabilities. However, he has failed to settle the bank’s loan or pay the previous shareholders the amounts due. Furthermore, after the bank announced an auction notice, the names of the shareholders who had already sold their shares were made public, putting them in a difficult position.

The resort has an outstanding loan of approximately NPR 320 million at Nepal Bank. Agrawal has not paid any installments for a prolonged period. As the loan entered a non-performing status, the bank issued a public notice to auction the mortgaged property — the resort.

While the bank’s auction notice was unsuccessful twice, it has now announced a confidential sealed bidding process, which remains open until July 13. Nonetheless, Agrawal has locked the resort, even after assuming possession of the company.

Following operational challenges due to COVID-19 and a landslide in Sindhupalchok, a plan was made to repay the bank loan by selling shares to previous investors. Hotel operator Subas Pradhan was assigned responsibility for bringing new investors into the project.

Pradhan introduced Deependra Agrawal as the new investor. An agreement was made between Pradhan and other investors to grant majority shares and property-liability responsibilities to the new investor.

In the initial phase, 1.7 million shares registered under Chin Bahadur Ranabhat were transferred to Agrawal. Agrawal paid NPR 69 million towards Nepal Bank’s outstanding dues. However, Ranabhat, the selling shareholder, has not received the remaining NPR 70 million related to this transaction.

Although Pradhan agreed to transfer an additional 737,000 shares to Agrawal, investor Samirkumar Nepal claims he has not received these shares. Nepal stated, “At Pradhan’s request, Ranabhat transferred 1.7 million shares to Agrawal, but because Pradhan failed to pay Ranabhat, Pradhan is currently imprisoned on banking charges.”

Nepal explains that because Agrawal did not settle the bank loan, the bank pressured the original investors who had provided personal guarantees, causing further difficulties for them. “All transfers have been completed, but the bank continues to pressure Agrawal to repay the loan and remove the personal guarantees,” he said.

According to Pradhan, Agrawal has neither paid the proceeds from the share sales nor cleared the bank’s loan, preventing the issuance of additional shares. These actions have sparked allegations of defrauding investors.

Agrawal claims he has been trapped and has paid NPR 180 million so far in exchange for an equivalent number of shares. He stated, “I have paid NPR 69 million to Nepal Bank, NPR 49.6 million to Subas, and an additional amount deposited into Himalayan Bank accounts, totaling NPR 180 million.

He explained that his investment is aimed at completing the project and operating the resort with five-star facilities. “I have saved some old shareholders from being blacklisted, but currently, I have lost money gambling.”

On June 24, 2021, a meeting of new and old shareholders was held under the chairmanship of Chin Bahadur Ranabhat. The meeting decided that the new shareholders would take responsibility for the resort’s liabilities and the bank loan.

By that date, shareholders included Crystal Pradhan, Subas Pradhan, Deependra Agrawal, Umesh Gupta, Jayprakash Agrawal, Jyoti Agrawal, Chewang Yangzom Ghising, Mita Murarka, and Saraswati Sedhai. Samirkumar Nepal, Alis Ranabhat, Chiring Sherpa, and Chin Bahadur Ranabhat attended as invited members.

Subsequently, on September 13, 2021, a new board of directors was formed with Deependra Agrawal as chairman. The hotel was operated for some time, and Agrawal conducted banking transactions via Himalayan Bank. He claimed to have invested an additional NPR 150 million in the hotel.

Nepal stated, “Agrawal has neither paid the loan nor removed the bank guarantees for old shareholders. The bank pressures us during loan recovery, and our names are listed in the auction notice.”

The resort has already been converted into a public limited company, but following escalating disputes, Agrawal unilaterally changed the board of directors on January 22, 2022. Nepal alleges that individuals without share investments were appointed as directors in this move.

Until the 2022 general assembly was held, Agrawal dissolved his committee and formed a new board under Hari Prasad Chapagain’s chairmanship.

According to the company registrar’s office, Ragu Khatri, Prem Lal Lamichhane, Bhim Kumar Pradhan, Ramayan Gupta, and Bishwanath are among the new directors.

Currently, 1.7 million shares of the resort are registered under Deependra Agrawal’s name, while 1.4 million shares belong to Subas Pradhan and his family. Among the directors, there was an agreement that Pradhan would retain 558,000 shares, with the remaining shares assigned to Agrawal.

On May 15, 2022, the bank’s loan recovery department issued a public notice, initiating a 35-day auction process. The bank has set June 18, 2022, as the final deadline for the borrower to settle the loan.

Personal guarantors for this loan include Chin Bahadur Ranabhat (Kaski), Samirkumar Nepal (Morang), Chiring Sherpa (Sindhupalchok), and Subas Pradhan (Nuwakot).

Ranabhat stated, “I sold shares, but have not received payment, and the loan has not been released from my guarantee. Not all responsibilities lie with Agrawal.”