Kathmandu, Dec 1: Chief Executive Officer (CEO) of Prabhu Bank, one of private sector Class ‘A’ commercial bank of Nepal, Mr Ashok Sherchan has been arrested on allegations of financial irregularities.
Nepal Police Central Investigation Bureau (CIB) took Sherchan into custody on Sunday evening to initiate further investigation.
According to the CIB, Sherchan is being questioned in connection with financial irregularities reportedly observed within the bank and its subsidiary companies.
Earlier, Prabhu Group Chairman Devi Prasad Bhattachan was arrested on charges of fraud involving Rs 980 million. The investigation against Bhattachan was initiated based on a complaint filed by Prabhu Management Chairperson Kusum Lama.
Sherchan had obtained an interim order from the Patan High Court last week preventing his arrest. However, police sources said that during the ongoing investigation into Bhattachan’s case, the need arose to detain Sherchan as well to verify various financial decisions and transactions.
The CIB has stated that further investigation into the case is ongoing. #nepal #CIB #prabhubank
