Former CEO and senior deputy CEO of Century Commercial Bank arrested on embezzlement charges

KATHMANDU: The Central Bureau of Investigation (CIB) of Nepal Police has arrested Tulsi Ram Gautam, the former Chief Executive Officer (CEO) of Century Commercial Bank, on charges of embezzlement. The arrest also includes Manoj Neupane, who served as CEO of Century Commercial Bank before Gautam.

Manoj Neupane is currently the Senior Deputy CEO of Century Commercial Bank following its merger with Prabhu Bank. Besides Neupane, four other current employees of the bank have also been arrested in connection with the case.

These individuals are Dilip Baral, Dipesh Pradhan, Raman Shrestha, and Rajesh Bhandari, who were employees of Century Commercial Bank.

Notably, Neupane is the nephew of former Prime Minister Madhav Kumar Nepal. He was appointed as the Chief Executive Officer of Century Commercial Bank in June 2078.

The arrests were made by a team from the Central Bureau of Investigation (CIB) following a request from Nepal Rastra Bank (NRB). The charges involve alleged misappropriation of loans that took place before the merger of Century Commercial Bank with Prabhu Bank.

This development underscores growing concerns and scrutiny in the financial sector regarding the proper handling and use of funds, particularly in cases where financial institutions are merged or undergo significant changes.

The investigation signals a commitment to ensuring accountability and addressing potential financial irregularities within banking institutions.