BHAKTAPUR: Police have arrested a fugitive accused of committing banking fraud.

The arrestee is Upendra Ghimire, 35, a permanent resident of Halesi Municipality-6 in Khotang who is currently residing in Suryabinayak Municipality-5, Katunje of Bhaktapur.

A team of the Kathmandu Metropolis Police Circle Jagati arrested Ghimire on Tuesday, shared Deputy Superintendant of Police (DSP) at Metropolitan Police Range, Raju Pandey.

Ghimire had been at large after committing banking offense worth Rs 23.24 million.

He had issued signed cheques of his bank accounts to 10 different people but there was no sufficient balance, police said.

Further investigation into the case is underway, police informed.

The existing law on banking offense ct prohibits anyone from drawing a cheque to knowingly make payment from an account where he/she has an apparent knowledge that the account does not have sufficient balance to cover the amount of the cheque drawn.