Three, Including Founding Chair of Karnali Development Bank, Remanded in Judicial Custody

The Nepalgunj Bench of the Tulsipur High Court has remanded three individuals, including the founding chair of Karnali Development Bank, into judicial custody in a Rs 3.2 billion embezzlement case.

The bench ordered pre-trial detention for Rajendra Bir Raya, founding chairperson of the bank; Pashupati Dayal Mishra, former chair; and Bed Prakash Singh Thakuri, head of the bank’s finance department, reported the state-owned RSS news agency.

Justices Chandra Bahadur Saru and Punam Singh Chand issued the order on Wednesday, August 6, after hearing the case against four defendants, including the two former bank chairs.

A total of 109 people have been named as defendants in the Rs 3.2 billion embezzlement case involving the Nepalgunj-headquartered bank. The case was filed based on a recommendation by the Central Investigation Bureau of Nepal Police.

According to court spokesperson Bal Bahadur Bista, a claim for damages and fines totalling Rs 2.63 billion has been filed against Raya alone.

Similarly, a claim worth Rs 108.9 million has been made against Bhuwan Basnet, a former official of Nepal Rastra Bank. Basnet is accused of submitting favourable reports despite knowing the bank’s poor financial health. He was, however, released on bail of Rs 200,000.

(With inputs from RSS)