Eight held including former Chair of Century Commercial Bank

KATHMANDU: Eight individuals, including the former chair of Century Commercial Bank, Rajesh Shrestha, have been arrested.

A team from the Central Investigation Bureau (CIB) arrested Chairman Shrestha and seven others, according to CIB spokesperson SP Hobindra Bogati.

They were detained on charges of issuing loans against insufficient collateral.

Previously, on FEB 27, ten individuals, including the then-CEOs of Century Bank, were arrested on charges of providing loans exceeding the value of the collateral.

The Bureau had released the arrested individuals, including former CEOs Manoj Neupane and Tulsi Gautam, on should attend when summoned after an investigation.

It should be noted that Century Bank has since merged with Prabhu Bank.