61 convicted in loan misappropriation of Finance company in Kathmandu

KATHMANDU, May 21:  

Patan appellate court verdicts  cash penalty and imprisonment to 61 people including staffers and the debtors involved in the loan embezzlement of Rs 61 billion of Capital Merchant Banking and Finance in capital on Wednesday .

The bench of judges Bhim Bahadur Bohara and Babu Ram Regmi has been declared them guilty as per the debtors and the staffer’s nexus to issue huge loans without strong collateral.

The case was filed by central bank making opponent to the staffers and debtors at the Finance.

Court directed 49 out of 61 penalize with the equal amount of fine with the principal amount and sentenced them to jail for 3 years.

Court convicted Harihar Khadka, Hari Prasad Acharya, Rghu Karki, Rajesh KC, Kiran Keshar Nepal, Sajan Thapa, Pran Nath Acharya, Jayanti KC, Anil Thapa, Rajesh Thapa, Ram Bhakta Thapa, Madan Bahadur Karki, Krishna Hari KC, Kedar Bahadur KC, Janak Prasad Timalsina, Bijay Bahadur Bhattarai. Likewise, Nir Shankar Shrestha, Preshya Sharma, Prakash Raj Khatri, Sabita Karki, Tulasa Kumari Dhamala, Shree Krishna Adhikary, Shanti KC, Madhukar Mahat, Mandira KC, Bhai Krishna Khadka, Bimal Khadka, Prakash KC, Rameshwore Thapa, Anand Thapa, Arun Kumar Marahattha, Sulochana Thapa, Bharat Prasad Sharma, Pushkar Raj Khadka, Sharmila KC, Rajendra Thapa, Purna Bahadur KC and Nawa Raj Khadka.

Court also convicted the then CEO of the company Shiv Raj Joshi and the other staffs namely, Manoj Khanal, Pawan Karki, Shambhu KC and Deepak Sharma are involved to provide loan in absence of good collateral. The court handed them jail for one and half year and to pay fine of Rs 430 million. The court also handed a month jail and Rs 400,000 fines to the guarantors Bigyan Poudel, Binaya Kumar Gupta, Sushma KC, Amulya Prasad Upadhya, Raju Sharma, Dambar Bahadur Basnet and Shova Shrestha.

Source: Republica