KATHMANDU: Police on Sunday arrested an absconding banking fraud convict from Budhanilakantha of Kathmandu.

Madan Bahadur Karki from Budhanilakantha-5 of Kathmandu was arrested by a team deployed from the Central Investigation Bureau of Nepal Police today.

The then Patan Appellate Court on May 12, 2014, had convicted him of the fraud and sentenced to three years in prison and 76.432 million fine.

But, he was absconding since then and execution of the verdict was pending.

Karki had taken the loan of Rs 90 million from the Capital Merchant Banking and Finance Limited on July 14, 2009, putting up his overvalued land as collateral.

In cahoots with the company's officials, he had misused the loan.

Meanwhile, police produced him before the Kathmandu District Court today, which sent him to the Sundhara-based Central Jail to execute the verdict.

Other convicts of the case--Arun Kumar Maratha, Nawaraj Khatri, Tulasa Kumari Dhamal, Bhai Krishna Khadka and Kiran Keshar Nepal--had already been arrested.