Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The Central Investigation Bureau (CIB) has been granted an additional five-day remand to continue its investigation against Prabhu Bank’s Chief Executive Officer Ashok Sherchan and two other senior officials arrested on banking offense charges.
CIB spokesperson Senior Superintendent of Police (SSP) Shiva Kumar Shrestha confirmed that the court approved the request to extend custody for CEO Ashok Sherchan, Deputy CEO Pokhrel, and Chief Credit Officer (CCO) Riwaj Shrestha. The bureau had arrested the trio on Sunday evening in connection with alleged financial irregularities and violation of banking laws.
According to CIB, the officials were taken into custody as part of an ongoing probe into banking offenses, including possible misuse of authority, irregular loan approval procedures, and actions deemed contrary to Nepal Rastra Bank regulations. The bureau is continuing its investigation by examining digital evidence, loan files, company records, and internal decision-making documents.
The extension allows investigators additional time to record statements, verify financial transactions, and assess the involvement of each official in the suspected offenses. CIB officers said the case is progressing with multiple layers of financial scrutiny and cross-verification.
Prabhu Bank has faced heightened attention from regulators and the banking sector since the arrest of its top-level officials, with ongoing concerns regarding corporate governance and compliance within the institution.
More details are expected as CIB continues its investigation under the extended five-day remand.
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