Kathmandu. KATHMANDU: The Central Investigation Bureau (CIB) of Nepal Police has arrested three high-ranking officials including Chief Executive Officer (CEO) of Prabhu Bank Ashok Sherchan on the charge of banking fraud.

The arrestees have been identified as Deputy Chief Executive Officer Maniram Pokharel and Chief Credit Officer Riwas Shrestha. A CIB team took them under control from the bank’s central office on Sunday.

Issuing a press release today, the CIB has arrested three persons including Sherchan on the charge of misappropriating loans worth millions of rupees in the name of various companies by acting against the prevailing law and causing loss to Prabhu Bank Limited by violating the prevailing law.

Spokesperson of the Bureau and Senior Superintendent of Police Shiva Kumar Shrestha said that investigation has been initiated on the banking fraud against them.