Former chief of Butwal Finance in police net

KATHMANDU, Dec 8 :

Central Investigation Bureau of Nepal Police on Monday arrested Devendra Prasad Dhwaju from Lalitpur for banking offence associated with the Butwal Finance before it merged with Alpic Everest Finance and CMB Finance to form Synergy Finance.

Dhwaju influenced his staff members to issue loans to his kith and kin when he was chairman of the Butwal Finance, according to police.

This had inflicted loss of around Rs 324 million on the finance company.

Dhwaju headed the loan committee of the finance company and was involved in overvaluation of collateral properties and issuance of large volume of loans to the same group, among others. Patan Appellate Court has sent Dhwaju to a 10-day police remand.

Source: Republica