Kathmandu. Karnali Development Bank (KDB) has found huge misappropriation of right shares issued twice.

Kathmandu: The Central Investigation Bureau (CIB) of Nepal Police in the bank scam case has found that the right shares were illegally acquired and misappropriated without depositing the actual amount. It has also been found to be money laundering.

According to the research report, the bank had issued right shares in the ratio of 2:1 on July 1, 2019 and 1:2.25 on July 1, 2019. Nepal Rastra Bank (NRB) had directed Karnali Development Bank (KDB) to raise its capital to Rs 100 million by mid-July 2019. Accordingly, the bank has issued rights shares twice.

As it is not possible to meet the minimum paid-up capital set by the Rastra Bank, all the founders and shareholders of the bank have been asked to deposit their shares according to the shares as per the rules.

According to the study report, the amount was deposited under the title call in advance. It has been decided to increase the paid-up capital by converting the amount deposited in the call-in advance title into shares and giving shares to the concerned person.

For the purpose of depositing money in the name of the founder shareholders of the bank, a notice was issued to the founder shareholders to deposit the amount by opening an account named Call in Advance Account. An analysis of the amount deposited has revealed that a large amount of cash has been deposited.

The source of the transaction of more than Rs 10 lakh has not been confirmed. Similarly, the name of the person who deposited the money was not mentioned and the signature of the depositor was forged. It has been found that cash was deposited at irregular times after the transaction time.

It has been shown that Rs 57.47 million has been deposited in the right. The then employees Bed Prakash Singh Thakuri, Man Bahadur Chaudhary and Samjalal Chaudhary were found involved in the act. It has been found that the right shares were obtained illegally without depositing the actual amount.