Property worth around Rs 12 million was reduced to ashes when a fire broke out at a cotton factory in Basantapur of Nepalgunj Municipality-7 on Saturday. According to police Inspector Ram Bahadur Chand, the fire that broke out at the cotton factory owned by Pankaj Kumar Baishya at around 4 am today was contained with the help of Nepal Police and Nepal Army personnel backed by fire engines after five hours of battling.Chand said that the incident might have occurred due to electric short circuit. No human casualty was reported in the incident, Chand informed.