Kathmandu. The Central Investigation Bureau (CIB) of Nepal Police has arrested Rajendra Bir Raya, the founder chairman of Karnali Development Bank.
Rai was arrested from Belhiya border point of Nepal and India on Saturday. 65-year-old Rai has been accused of misappropriating about Rs 5 billion of the bank.
Rai, who lives in Nepalgunj of Banke, had been absconding after the investigation into the financial scam in the bank progressed. He was the chairman of the bank’s board of directors and chief executive officer for one term.
Police in coordination with Nepal Rastra Bank (NRB) are investigating Rai under the Banking Offences and Punishment Act, 2065 BS. He is being produced before the Banke District Court today for extension of his remand.
Nepal Rastra Bank (NRB) has taken control of karnali development bank by declaring it problematic.
