KATHMANDU: The Central Investigation Bureau (CIB) has apprehended Rajesh Shrestha, the former Chairman of Century Commercial Bank, along with seven others, on allegations of irregularities in loan disbursement. This arrest follows previous detentions of former CEOs Tulsiram Gautam and Manoj Neupane, among ten others, in connection with the same case.
The arrests are linked to a loan granted by the then Century Bank to Deurali Multipurpose Cooperative Chairman Rabindra Chaulagain, totaling Rs. 2.25 billion. Notably, the bank extended this sizable loan despite receiving collateral worth only Rs. 800 million.
Ongoing investigations are concentrating on the instances of issuing excessive loans against insufficient collateral, highlighting the need to address such discrepancies in loan disbursement practices.
