Patan High Court extends probe of Prabhu Bank CEO by 5 days

KATHMANDU: Patan High Court has approved an additional five days of investigation against Prabhu Bank CEO Ashok Sherchan and two other senior officials in connection with an alleged loan misappropriation case.

According to CIB spokesperson Shiv Kumar Shrestha, the court granted the extended remand for CEO Sherchan, Deputy CEO Maniraj Pokharel and Chief Credit Officer Ribash Shrestha.

The trio was arrested on Sunday, Mangsir 14.

Meanwhile, the CIB is also investigating former Prabhu Bank chairman Deviprakash Bhattchan over allegations of embezzling around Rs 1 billion in a loan fraud case.

Bhattchan was taken into police custody on Kartik 11 following a complaint filed by Prabhu Management Chair Kusum Lama.