Kathmandu, June 10
Former Chairperson of Century Bank, Rajesh Shrestha, along with seven others, has been arrested.
The Central Investigation Bureau (CIB) of Nepal Police has arrested eight individuals for investigation in a fraud case, according to SP Hobindra Bogati.
Previously, on February 27, former Chief Executive Officer (CEO) of Century Bank, Manoj Nuaupane, and staff including Tulsi Gautam, were arrested on charges of disbursing excessive loans against low-quality collateral.
The CIB stated that during their tenure at Century Bank, they had issued loans amounting to Rs 2.11 billion against inadequate collateral. The loans were found to exceed the collateral value by Rs 974.17 million, according to CIB’s claims.
They were released on bail on March 14. Currently, Century Bank has merged with Prabhu Bank.
