KATHMANDU, April 12: A Central Investigation Bureau (CIB) team has arrested Chief Executive Officer (CEO) of Nepal Investment Mega Bank (NIMB), Jyoti Prakash Pandey, on charges of illegally auctioning state property.
Pandey was arrested in Sindhuli on allegations of involvement in the auction process of Smart Telecom’s assets, which had been taken under government control.
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According to CIB Spokesperson Shiv Kumar Shrestha, Pandey was found to have participated in the auction process in his capacity as the chair of the loan recovery committee.
The assets, telecom infrastructure, systems, and networks of private company Smart Telecom had already been taken under control by the Nepal Telecommunications Authority, after which they were subjected to an auction process that investigators claim violated legal procedures.
Police arrested Pandey from Kamalamai Municipality-6 with the assistance of the District Police Office, Sindhuli, while he was reportedly attempting to flee after switching off his mobile phone.
Smart Telecom’s operating licence was automatically revoked on April 16, 2023, after it failed to renew its licence. The Nepal Telecommunications Authority had taken control of its assets under the Telecommunications Service Provider Asset Management Regulations, 2079 BS.
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