CIB Detains Prabhu Bank CEO Ashok Sherchan, Deputy CEO and CCO Over Alleged Major Financial Misconduct
Summary
Nepal's Central Investigation Bureau arrested Prabhu Bank CEO Ashok Sherchan along with Deputy CEO Mani Ram Pokharel and Chief Credit Officer Rivas Shrestha over allegations of major financial misconduct involving fraudulent loans and misuse of bank resources.
Key Points
- The Central Investigation Bureau (CIB) arrested Prabhu Bank CEO Ashok Sherchan under a warrant issued by Patan High Court for alleged financial misconduct.
- Deputy CEO Mani Ram Pokharel and Chief Credit Officer Rivas Shrestha were also detained for facilitating fraudulent loans worth tens of millions of rupees.
- Sherchan is alleged to have misappropriated Rs 980 million alone.
- Complaints by Prabhu Management chairperson Kusum Lama instigated the probe but Lama himself is also under investigation for regulatory breaches involving remittance and cooperatives.
