Liquor businessmen Abhishek and Amit Agrawal abscond with a loan of Rs 1.5 billion

KATHMANDU: JAN. 12 – Abhishek Agrawal and Amit Agrawal, operators of Green Line Centre, have been absconding with loans of Rs 1.5 billion from banks, financial institutions and individuals. The lending banks have posted the information in the showrooms of Green Line at Kantipath and Durbar Marg after receiving information that the two operators had run away with their families without repaying the loan.

The company, which had been selling costly liquor (up to Rs 600,000 a bottle) in Nepal, had shuttered its showroom for a week and had been deceived into fleeing by indebted banks. Following that, Nepal Investment Bank and Everest Bank said that they must obtain a loan from the company.

According to sources, the Agrawal’s borrowed more than Rs 1 billion from five Nepalese commercial banks, including Investment and Everest. Sources said they borrowed Rs 25 crore from Investment and Rs 22 crore from Everest.

The Agrawal brothers, who have a permanent home in Janakpur, had been selling liquor through Greenline Company for about 23 years. Sources claim that they have taken loans from banks, financial institutions and individuals in the name of the company but have not been able to repay the loans after COVID-19.

According to a source, Abhishek Agrawal left Kathmandu for India two months ago after failing to return the loan. According to a source, no one has contacted Amit Agrawal and his family since he returned to India a year ago.

It is said that the banks have given loans to Greenline on the basis of transactions without collateral.

Due to cash flow issues caused by COVID-19, they have obtained loans from various individuals, cooperatives, and even meter lenders. However, it has been alleged that there is around Rs 1.5 billion in debt, however, it is unclear how much remains to be repaid.

Greenline has to pay money to some Nepali liquor companies and foreign liquor importers.

Sources claim that the Agrawal brothers fled with their families after sending money from Nepal to relocate to a third country.