The Kathmandu District Court has asked for the bail amount of Rs 18 million from controversial businessman Sitaram Prasai.

Prasai, the chairman of Cottage and Small Industries Development Bank, along with 48 others are facing charges of embezzlement.

As Prasai could not deposit the bail amount on Wednesday, he has been sent to jail. Prasai’s lawyers have said he will soon deposit the amount.

He was slapped with the charges and produced at the court by the police after Maoist-affiliated Young Communist League (YCL) abducted him, presented him before the public and handed him over to the police. The YCL accused police of not arresting him despite charges of irregularities.

The YCL’s extra-legal action had been roundly deplored by even Prime Minister. However, the police later decided to file case against Prasai even though the police had earlier shown lack of interest to arrest him.