Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The Central Investigation Bureau (CIB) of Nepal Police has arrested Yogendra Prasad Shrestha, former Executive Chairman of Nepal Shares Markets and Finance Limited, following his conviction in a high-profile banking fraud case.
Shrestha, 69, had been on the run after being found guilty of irregularities and illegal activities that harmed depositors and the institution. The case originated from a complaint filed by the Financial Institution Supervision Department of the Nepal Rastra Bank, leading to a long investigation and eventual Supreme Court verdict.
The Supreme Court of Nepal, in its judgment dated September 21, 2024 (Bhadra 5, 2081 BS), convicted Shrestha in two separate cases.
First case: Rs19.46 crore fine and 3 years imprisonment
Second case: Rs3.21 crore fine and 3 years imprisonment
When combined, Shrestha is required to pay Rs 22.67 crore in fines and serve a total of 6 years in jail.
CIB officials apprehended Shrestha on Sunday at Sitapaila, Nagarjun Municipality-5, Kathmandu, where he had reportedly been hiding.
“Shrestha has been presented to the Kathmandu District Court to enforce the Supreme Court verdict,” said CIB spokesperson, Senior Superintendent of Police Shivkumar Shrestha.
Originally from Ward No. 24, Kathmandu Metropolitan City, Shrestha had been living secretly in Sitapaila prior to his arrest.
This arrest marks a significant step in enforcing accountability in Nepal’s financial sector and recovering public funds lost due to fraudulent banking activities.
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