Kathmandu. The police have arrested the Chief Executive Officer (CEO), Deputy Chief Executive Officer (DCEO) and Chief Credit Officer (CCO) of Prabhu Bank.

The Central Investigation Bureau (CIB) of Nepal Police has arrested the bank’s CEO Ashok Sherchan, DCEO Mani Ram Pokharel and CCO Riwas Shrestha. The CIB arrested all three on the charge of Banking Offences and Punishment Act, 2064 BS.

They were arrested on the basis of details and facts gathered in course of investigation into the case of fraud, criminal breach of trust and offences under the Nepal Rastra Bank Act, 2058 BS.

According to the CIB, CEO of Prabhu Bank Ashok Sherchan has been found to have violated the directives issued by Nepal Rastra Bank and the prevailing laws and caused loss to Prabhu Bank. Pokharel and Shrestha have also been found to have been involved in misuse of loan by issuing millions of rupees in the name of various ÷companies to hide the crime.

The arrestees have been arrested under the Banking Offences and Punishment Act, 2064 BS after obtaining permission from the High Court, Patan, Lalitpur.