Tainted former chief credit officer of MNDB traceless for two weeks

POKHARA, Jan 3: 

Jhalak Subedi, former chief credit officer at Pokhara-based Mukti Nath Development Bank (MNDB), who is facing corruption charges over his alleged involvement in issuing loans against fake land ownership certificates, has been traceless for last two weeks following an order of the Pokhara appellate court to send him to judicial custody. MNDB has recently accepted the resignation tendered by him. 

A division bench of the appellate court judge duo Madhav Raj Chalise and Bishambhar Shrestha issued the order on December 15. 

Jagannath Dhakal, Subedi´s lawyer, said Subedi has been out of touch for last couple of weeks despite repeated attempts to establish contact with him. “I have information that Subedi is in the capital. But my attempts to contact with him over the phone proved futile,” said Dhakal.

District prosecutors had filed a case against Subedi, claiming Rs 9.95 million to be recovered from him, after the Kaski District Court directed the police to release him on bail on a security deposit of Rs 50,000. 

District Police Office (DPO), Kaski, had arrested him for his alleged involvement in the swindling of about Rs 70 million from nine banks and financial institutions (BFIs) in collusion with land dealer Santosh Poudel. 

Paudel had influenced Land Revenue Office employees to prepare fake ownership documents of lands that were already pledged as collateral with other banks. Initial investigation showed with the support of Subedi Paudel secured higher amounts of loans than what the collateral actually covered.

Source: Republica