KATHMANDU: Prabhu Bank Chief Executive Officer Ashok Sherchan, who was arrested on November 30, has been released on bail on Friday.
Sherchan was taken into custody from Kathmandu by a team of the Central Investigation Bureau (CIB) of Nepal Police in connection with an ongoing investigation.
According to police sources, Sherchan was detained following a dispute involving Devi Bhattachan and Kusum Lama. Along with Sherchan, other officials and employees of Prabhu Bank have also been released on bail by the High Government Attorney’s Office, Patan.
Last week, a bench of High Court Patan judges Chandrabahadur Saru and Geetaprasad Timsina had granted the government attorney a final extension to complete statements within five days.
Like Devi Bhattachan, who was released earlier, Sherchan was freed directly through a decision of the High Government Attorney’s Office. As per the decision, the CIB has released Sherchan along with Maniram Bhusal, Riwaj Shrestha and Rajendra Shakya after completing necessary documentation.
They were arrested on charges of fraud and banking offences. The CIB had stated that evidence collected during the investigation into fraud, criminal breach of trust and violations of the Nepal Rastra Bank Act, along with analysis by an expert team, indicated the involvement of the bank’s top leadership.
According to the CIB, the investigation found that the accused acted against directives of Nepal Rastra Bank and misused millions of rupees through various companies in a manner that caused financial loss to the bank.
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