KATHMANDU: The Supreme Court (SC) on Sunday ordered the release of former Chief Executive Officer (CEO) of Bank of Kathmandu (BoK) Ajay Shrestha on a bail bond of Rs 10 million.

A joint bench of Justices Sapana Pradhan Malla and Kumar Regmi ordered his release after hearing a banking fraud case filed against 16 persons including Shrestha.

The apex court also ordered police to release bank employee Kiran Kumar Bohara on a bail bond of Rs 10 million. The court annulled the order of Patan High Court to send them to jail.

They have been accused of embezzling Rs 20.5 million of the depositors while sanctioning loans.