KATHMANDU: In a recent revelation, the Central Investigation Bureau (CIB) has uncovered a company named Champions Footwear, which was illicitly established to exploit gains from the Bansbari Leather Shoe land scandal.

According to CIB, the company was created unlawfully by the then Chairman of the operating committee, Ajit Narayan Singh Thapa, with the intention of profiting from the Bansbari-based Leather Shoe Factory’s land controversy.

The investigation further revealed that Champions Footwear entered into an agreement to acquire 25 percent ownership of the company’s capital, valued at 50 lakhs, under the pretext of producing Canvas Shoes.

Additionally, the company took control of 10 ropanis of the Bansbari-based Leather Shoe Factory.

Contrary to the agreement, Champions Footwear invested 26 lakhs instead of the agreed-upon 12 lakhs, causing financial harm to the government and securing undue profits.

In 2052 BS, businessman Arun Chaudhary purchased the 25 percent shares, subsequently privatizing the company and renaming it CG Chandbagh Residency on Poush 4, 2054.

This move facilitated the transfer of ownership of the government land to an individual, as highlighted by SSP Dinesh Acharya of CIB.

The current owner of the land is identified as Chand Bagh School.

Police have taken into custody businessman Arun Chaudhary, the then Chairman Ajit Narayan Singh Thapa, and Sanjay Thakur in connection with this case.