NEPALGUNJ, Aug 7: The Tulsipur-Nepalgunj bench of the High Court has remanded three people, including the founding chairman of the Karnali Development Bank, who have been charged with savings fraud, into judicial custody.
The bench issued an order to remand the founding chairperson of the bank, Rajendra Bir Raya, former chair Pashupati Dayal Mishra, and the head of the bank’s finance department, Bed Prakash Singh Thakuri, to be sent to pre-trial detention.
Jewelers sent to judicial custody for financial fraud
A joint bench of Justices Chandra Bahadur Saru and Punam Singh Chand handed down the order on Wednesday after hearing the money laundering and fraud case against four defendants, including the former chairs of the bank.
A total of 109 people have been named as defendants in the Rs 3.2 billion embezzlement case of the bank, with headquarters in Nepalgunj.
The case was filed after Nepal Police CIB recommended that a case be filed against 109 people, including the bank's founder, Raya, claiming compensation of Rs 3.2 billion. According to the court's information officer, Bal Bahadur Bista, among the four defendants, a claim for damages and fines worth Rs 2.63 billion has been made against Raya.
Likewise, a claim for damages and fines worth Rs 108.9 million has been made against Bhuwan Basnet, a former employee of the Nepal Rastra Bank. Basnet was, however, ordered to be released on bail of Rs. 200,000.
