CIB arrest Kist Bank CEO and two more executives

ShareSansar, November 25:

Three top executives of Kist Bank Limited including its Chief Executive Officer have been arrested in the charge of banking fraud.

The Central Investigation Bureau (CIB) of the Nepal Police arrested Kist CEO Bal Narsingh Gharti and officials Pragun Shrestha and Manjay Raj Pandey on Sunday evening.

CIB Chief DIG Prakash Aryal informed that they have been arrested for interrogation.

In July the CIB had charged 16 people, including the former CEO of Kist Bank and Siddhartha Development Bank, for their involvement in a banking fraud.

The CIB had charged former CEO of Kist Dipendra Karki with loan fraud.

The bureau has also filed cases against other people accusing them of irregularities while issuing the loan.

Kishor Dhakal, who received the loan, Gauri Gyawali, the wife of the then Kist Bank CEO Kamal Prasad Gyawali who received the money from Dhakal, Shekhar Aryal, the chairman of Siddhartha Development Bank, Madhusudan Silwal, a former director of Siddhartha, and Komananda Adhikari, the government engineer who evaluated the land used as collateral for issuing the loan have all been arrested.

After the police arrested Gauri Gyawali on charge of banking fraud and fingers pointing at him also, an embattled Kamal Prasad Gyawali had resigned from the post of CEO of and its operator.

Following Gyawali’s resignation the Bank had appointed Bal Narsimha Gharti as its CEO.

Gyawali's wife was arrested for her involvement in a multi-million rupee scam on business loans from the Siddhartha Development Bank.