Banking fraudster held
KATHMANDU:
The Central Investigation Bureau of Nepal Police today arrested former executive chairman of Nepal Share Market and Finance Yogendra Prasad Shrestha for embezzling Rs 2.66 billion, the biggest fraud in the banking history of Nepal.
Shrestha was arrested from Mahendranagar of Kanchanpur, said CIB Director DIG Uprendra Kant Aryal at a press meet in Kathmandu.
Shrestha (55) of Watu, Kathmandu, had been at large since Nepal Police issued an arrest warrant on April 5.
“Shrestha had sanctioned loan to the tune of Rs 1.57 billion to 88 persons without any supporting documents and collateral,” said Aryal. Investigations by Financial Information Unit under the Nepal Rastra Bank and police have revealed that Shrestha had misappropriated his clients’ deposits and used the money in promoters’ share.
According to CIB, he faces charges of embezzling Rs 2.66 billion, including illegal loan worth Rs 1.57 billion, misuse of deposits to the tune of Rs 885.95 million and Rs 204.98 million loan sanctioned to promoters. Shrestha had sanctioned loan to the promoters of the company violating Banking and Financial Institutions Act.
Shrestha will be punished with a fine and imprisonment of up to five years.
DIG Aryal said CIB had been investigating four separate cases worth Rs 5.11 billion in connection with banking offences.
CIB also declared Shrestha’s wife Gita Shrestha (53), his son Saurav Shrestha (28) and another promoter runaway offenders. At the press meet, Shrestha, however, refused to take the responsibility of embezzling the amount claimed by CIB. “I may have embezzled some, not all the amount claimed by CIB,” said Shrestha.
Source: THT
The Central Investigation Bureau of Nepal Police today arrested former executive chairman of Nepal Share Market and Finance Yogendra Prasad Shrestha for embezzling Rs 2.66 billion, the biggest fraud in the banking history of Nepal.
Shrestha was arrested from Mahendranagar of Kanchanpur, said CIB Director DIG Uprendra Kant Aryal at a press meet in Kathmandu.
Shrestha (55) of Watu, Kathmandu, had been at large since Nepal Police issued an arrest warrant on April 5.
“Shrestha had sanctioned loan to the tune of Rs 1.57 billion to 88 persons without any supporting documents and collateral,” said Aryal. Investigations by Financial Information Unit under the Nepal Rastra Bank and police have revealed that Shrestha had misappropriated his clients’ deposits and used the money in promoters’ share.
According to CIB, he faces charges of embezzling Rs 2.66 billion, including illegal loan worth Rs 1.57 billion, misuse of deposits to the tune of Rs 885.95 million and Rs 204.98 million loan sanctioned to promoters. Shrestha had sanctioned loan to the promoters of the company violating Banking and Financial Institutions Act.
Shrestha will be punished with a fine and imprisonment of up to five years.
DIG Aryal said CIB had been investigating four separate cases worth Rs 5.11 billion in connection with banking offences.
CIB also declared Shrestha’s wife Gita Shrestha (53), his son Saurav Shrestha (28) and another promoter runaway offenders. At the press meet, Shrestha, however, refused to take the responsibility of embezzling the amount claimed by CIB. “I may have embezzled some, not all the amount claimed by CIB,” said Shrestha.
Source: THT
