Police arrest former exe chairman of Samjhana Finance

Former executive chairman of Samjhana Finance Shyam Bahadur Shrestha has been arrested on charges of his involvement in financial irregularities worth millions of rupees.

Nepal Police’s Central Investigation Bureau (CIB) on Sunday arrested Shrestha from his own residence in Samakusi, Kathmandu. Shrestha has been accused of involvement in the scam worth Rs. 20 million in the finance company.

According to the CIB, following Shrestha’s involvement in the irregular activities Central bank asked the police to take necessary action against him as per the Banking Offense and Punishment Act.

Last year, the central bank had termed the company ‘problematic’ and decided to dissolve the company as its executive officers have been found of involvement in misappropriation of worth over Rs. 650 million.

The bank also said that the blamed chief executive have affected the financial health of the company as they themselves have taken the loans without the approval of loan committee and proper guarantee. Hem Bahadur Gurung and senior managers Saroj Bajracharya, Bijayamani Acharya, Prabin Kumar Khanal and Pawan Kumar Khanal among others are also accused of being involved in financial irregularity in the case