KATHMANDU: The Central Investigation Bureau (CIB) of Nepal Police has apprehended Rajendra Bir Raya, the former board director and Chief Executive Officer of Karnali Development Bank, who had been on the run after allegedly embezzling over Rs 2.5 billion.
According to CIB officials, Raya was arrested on Saturday from Belahiya, located in Siddharthanagar Municipality-1 of Rupandehi district.
Raya is accused of misappropriating more than Rs 2.5 billion in depositors’ funds while at the bank, following which he fled.
The CIB took him into custody as part of an ongoing investigation being carried out in coordination with Nepal Rastra Bank under the Banking Offenses and Punishment Act, 2064 (2008).
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