The CIB arrested them for allegedly causing damage to Prabhu Bank and for allegedly misusing or causing others to misuse the loans by disbursing loans to various companies to conceal the crime.
The investigation into the banking offence case of Prabhu Bank CEO Ashok Sherchan, DCO Maniraj Pokharel, CCO Riwash Shrestha and Rajendra Shakya has been extended by two days for the second time. The bench of Justices Somkant Mainali and Keshav Prasad Bastola of the Commercial Bench of the Patan High Court has ordered an extension of two more days.
The CIB has arrested them for allegedly causing damage to Prabhu Bank by acting contrary to the instructions of the National Bank and the prevailing laws and for their involvement in the crime of misusing or causing damage to the bank by disbursing loans in the names of various companies to hide the same crime.
The CIB had raided the bank's central office in Bijuli Bazaar on October 22 and seized important documents.
The CIB had earlier arrested Prabhu Group Chairman Devi Prakash Bhattachan on October 11. He is also a former UML MP. The CIB is investigating the complaint filed by Prabhu Management Chairman Kusum Lama regarding a fraud of Rs 980 million.
