Nepal Police’s Central Investigation Bureau (CIB) has taken Prabhu Bank CEO Ashok Sherchan into custody as part of an ongoing investigation involving alleged fraud of NPR 98 crore.
Ashok Sherchan, CEO of Prabhu Bank, has been arrested by the Central Investigation Bureau (CIB) of Nepal Police. He was taken into custody on Sunday, while further details regarding the arrest are yet to be released.
The investigation follows a raid conducted by the CIB on Kartik 22 at the bank’s central office in Bijulibazar, where several key documents were seized.
Earlier, on Kartik 11, the CIB had arrested Devi Prakash Bhattchan, Chairman of the Prabhu Group and a former UML lawmaker. The ongoing investigation relates to alleged misappropriation and fraud totaling NPR 98 crore.
According to a complaint filed by Kusum Lama, Chairperson of Prabhu Management, the CIB is investigating Bhattchan over loan irregularities. The bureau is specifically examining loans of approximately NPR 1 billion that were issued to Prabhu Management Pvt. Ltd., a company linked to the bank’s former chairman Bhattchan and board member Kusum Lama.
This article was originally published on https://bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
