CIB arrests 4 members of Samudayik Laghubitta; Arrested people involved in banking offence with cash embezzlement of more than Rs 2.50 crore

Central Investigation Bureau has arrested 4 people in an offence of banking crime. Bureau has arrested the board members and former CEO of Samudayik Laghubitta Bittiya Sanstha stating the crime of cash embezzlement.

As per the reports, the arrested members have been involved in the embezzlement of more than Rs 2.50 crore. Former CEO Mr Swayabhu ram Joshi, Chairman of the BoD Mr Hira Biswakarma and directors Mrs Chandeshwori Pradhan and Batukrishna Karki have been arrested by the bureau.

Mr Joshi had transferred Rs 2.50 crore from the microfinance to his own organization Nepal Mahila Utthan Kendra as goodwill amount without the approval of any official bodies. Similarly, he has been involved in the violation of directives and policies of Nepal Rastra Bank and has embezzled more than Rs 7.44 lakh as well.

Previously, the Securities Board had stopped the IPO issuance of the company following the direction of Nepal Rastra Bank.