KATHMANDU: Former Chairman of Century Commercial Bank, Rajesh Shrestha, along with seven others, has been arrested by the Central Investigation Bureau (CIB) on charges of irregularities in loan disbursement.
Previously, the CIB had also arrested former CEOs Tulsiram Gautam and Manoj Neupane, among ten others, in connection with this case.
The arrests are related to a loan disbursement by the then Century Bank to Deurali Multipurpose Cooperative Chairman Rabindra Chaulagain, amounting to Rs. 2.25 billion.
The bank had provided this substantial loan despite only Rs. 800 million worth of collateral.
Investigations are ongoing, focusing on the excessive loans given against inadequate collateral.
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