Former Century Bank executives, Neupane and Gautam, arrested in connection with alleged loan scam

KATHMANDU: Ten individuals, including Manoj Neupane, former CEO of Century Commercial Bank and current Deputy CEO of Prabhu Bank, along with Tulsiram Gautam, former CEO of Century Bank, have been arrested by the police in Kathmandu.

The arrests were made following the Central Bank’s directive to investigate alleged irregularities in loan transactions.

Hobindra Bogati, spokesperson for the Central Bureau of Investigation (CIB) and Superintendent of Police, revealed that Neupane and Gautam were taken into custody based on the Nepal Rastra Bank’s communication, urging an inquiry into weaknesses in the loan flow.

The Nepal Rastra Bank had specifically requested the police to initiate action against the individuals involved, citing banking offenses.

According to the police, Neupane and Gautam are accused of orchestrating a loan scam during their respective tenures as CEOs of Century Bank, which later merged with Prabhu Bank.

The additional individuals arrested include Sabin Ghimire, Subash Shrestha, Anupama Shrestha, Sunil Basnet, Dilip Baral, Sandhya Shrestha, Dipesh Pradhan, and Raman Shrestha.

Following Gautam’s resignation as the CEO of Century Bank, Neupane assumed the role of acting CEO.

The police have detained them for questioning and further investigation into the alleged loan scam case.