Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The Central Investigation Bureau (CIB) of Nepal Police arrested Pashupati Dayal Mishra, former chairman of Karnali Development Bank, on Wednesday in connection with a major financial scam. Mishra, who served as the bank’s chairman from 2066 BS to 2075 BS, was apprehended in Nepalgunj, according to CIB Spokesperson and Superintendent of Police Yubaraj Khadka.
Mishra, a political figure who rose during the Madhesh Movement, contested the 2074 BS parliamentary election from Banke Constituency No. 2 as an independent candidate under the ‘Sun’ election symbol but lost. He later joined the CPN (UML) and currently serves as a central committee member.
With Mishra’s arrest, the total number of individuals detained in the scam case has reached three. Previously, former Chief Financial Officer Dev Prakash Singh Thakuri and bank founder chairman Rajendra Bir Ray were arrested. Ray, holding approximately 80% of the bank’s promoter shares, served as executive chairman and CEO for nearly 15 years since the bank’s establishment in 2060 BS and was a key figure in its operations.
The CIB, under the command of Deputy Superintendent of Police Dan Thapa, is conducting the investigation in Banke, in coordination with the Nepal Rastra Bank, under the Banking Offences and Punishment Act, 2064 BS. Allegations point to a misappropriation of NPR 2.5 billion, as uncovered by a special investigation committee led by current bank board chairman Dr. Om Prakash Mishra.
The arrests highlight ongoing efforts to address financial irregularities at Karnali Development Bank, raising concerns about governance and accountability in Nepal’s banking sector. The CIB continues its probe to uncover the full extent of the scandal and hold those responsible accountable.
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