Deputy Governor Shibaraj Shrestha under suspension; Investigative committee formed to analyze the accusations

The Deputy Governor of Nepal Rastra Bank (NRB) has been suspended from duty and is under investigation from a 3 member committee formed by the Board of Directors of NRB under the direction of Government of Nepal (GoN). The committee comprises of Ramji Regmi and Dr. Subodh K. Karna under the leadership of Dr. Shree Ram Poudel.

The investigative committee is tasked with the responsibility to prepare a report within 35 days regarding the charges pressed by GoN against Deputy Governor. Mr. Shrestha has been accused of involving in activities that have impacted the financial stability of the country and if he is found guilty then the suspension can turn into dismissal. Following accusations have been made against Mr. Shrestha:

• Helping banks and financial institutions to hide bad loans.
• Not aiding in the implementation of software acquired five years ago by the help of the United Nations to collect data regarding money laundering.
• Helping Ncell in the court case regarding profit repatriation and
• Helping Mr. Ajay Raj Sumargi even before the court had passed any ruling

Under the Rastra Bank Act, 2058, the committee will investigate and present a recommendation. Then, Mr. Shrestha will be given a chance for clarification, finally resulting in dismissal if found guilty.