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Two former bankers were arrested by a team of the Central Investigation Bureau (CIB) for fraud worth Rs 600 million.
Shambhu Bahadur K.C, former chairman of Progressive Finance Ltd, and Shiva Ram Joshi, former general manager of Capital Merchant Banking and Finance Ltd, were arrested on Thursday from their hide-outs in the capital.
Both were at large after the police started looking for them for misappropriating the depositors' money. According to the CIB, they are accused of issuing Rs 600 loan from the Capital Merchant Banking and Finance to fake borrowers. K.C is allegedly involved in creating fake clients while Joshi assisted him in the scam.
K.C has also been accused of similar fraud in Progressive Finance, but the total worth of fraud is yet to be assessed, it is learnt.