Kathmandu, Dec 1: The Central Investigation Bureau (CIB) has also arrested Prabhu Bank’s Deputy Chief Executive Officer (Deputy CEO) Maniram Pokharel and Chief Credit Officer (CCO) Rivas Shrestha.

On Sunday, the CIB took three individuals from Prabhu Bank into custody. Along with the bank’s CEO Ashok Sherchan, Pokharel and Shrestha were also arrested, according to SSP Shivkumar Shrestha.

The investigation against them was launched on charges of fraud, criminal breach of trust, and violations under the Nepal Rastra Bank Act, 2058. They are accused of causing financial loss to Prabhu Bank in violation of directives from the central bank and prevailing laws, and of misusing loans worth crores through various companies to conceal the offenses.

The arrests were made under the Banking Offense and Punishment Act, 2064, following approval from the High Court, Patan.

People’s News Monitoring Service

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