Ex Gurkha Development Bank executive Magar in police net

KATHMANDU, AUG 28 -

Police on Monday arrested Dipak Rana Magar, former credit department chief at Gurkha Development Bank, on charge of leading the development bank to the crisis by valuating collaterals with ill intension.

Magar has been charged with misappropriation of Rs 110.61 million.

A Central Investigation Bureau (CIB) team arrested Magar from Banasthali Chowk, Kathmandu, and sent him to the Metropolitan Police Range, Hanumandhoka, for further investigation and action, the police said.

Magar is a permanent resident of Aanpipal-4, Gorkha, and had been staying in Kathmandu-16.

According to a press release issued by the police, Magar was involved in accepting inferior quality collateral while providing loans to Muna Housing and Development Private Limited and Lumbini Infrastructure Development Private Limited. The police also charged him with document forgery.

Source: The Kathmandu Post