KATHMANDU: Metropolitan Police Circle, Kathmandu, has arrested Managing Director of Dugar Iron Industry and Kajaria Tiles Nepal Prakash Dugar on the charge of banking offense Friday.

He is also the director of Soltimode-based Platinum Hotel and Spa.

The industrialist was nabbed from his residence in Tahachal, Kalimati, and has been kept at Kamalpokhari Police Station.

A case was filed against him by Bishnu Man Shrestha at Kamalpokhari Police Station after a cheque he issued bounced due to lack of funds. A first information report against him was lodged on February 15 following which Patan High Court issued an arrest warrant on March 10.

Reportedly, he had issued a cheque of Rs 537,000 that bounced when Shrestha tried to cash it.