NIMB CEO Jyoti Prakash Pandey arrested on fraud, breach of trust charges
Summary
Jyoti Prakash Pandey, CEO of Nepal Investment Mega Bank Ltd, was arrested by Nepal Police's Central Investigation Bureau on charges of fraud and breach of trust related to a fraudulent auction of government telecom assets.
Key Points
- Jyoti Prakash Pandey, CEO of Nepal Investment Mega Bank, was arrested on fraud and criminal breach of trust charges.
- The arrest followed a fraudulent auction involving Smart Telecom Pvt Ltd's seized assets after their telecom license lapsed.
- Pandey exploited his role as chairman of the Loan Recovery Committee to defraud the Government of Nepal.
- The bank's seizure and auction of mortgaged properties including telecom equipment are under investigation.
