KATHMANDU: Police have arrested Ashok Sherchan, Chief Executive Officer (CEO) of Prabhu Bank.

According to SSP Shiv Shrestha, the spokesperson for the Central Investigation Bureau (CIB) of Nepal Police, Sherchan was taken into custody today on charges related to banking offences.

The CIB is investigating a complaint filed by Prabhu Management Chairperson Kusum Lama regarding an alleged fraud of Rs 980 million.

Earlier, in the first week of November, the CIB had raided the bank’s central office in Bijulibazar and seized several important documents.

Likewise, on October 28, the CIB had arrested Prabhu Group Chairperson and former CPN-UML lawmaker Devi Prakash Bhattachan.

Police said Sherchan was detained in connection with the ongoing investigation into Bhattchan’s case.