Pradhan was arrested by a team of Central Investigation Bureau (CIB) from Kalanki on Friday. Police had arrested him as per the Banking Offence and Punishment Act 2007. According to a statement issued by CIB, Pradhan allegedly used forged checks and company seal to misappropriate funds.[break]
"He allegedly misused Rs 78.2 million of the finance company," reads the release. Preliminary police investigation shows Pradhan had issued several checks worth Rs 13 million in the name of one Prem Dhwaj Lama, although the finance company was not liable to make such payments to him. The money was withdrawan from the finance company´s account in Chabahil branch of Everest Bank.
Pradhan also issued loans worth Rs 52.93 million to 11 different clients by overvaluing their assets. Pradhan also allowed Saharin Varieties Food Suppliers, owned by Sachin K Sunuwar, to withdraw amount in excess of deposits. Besides, he also embezzled Rs 3.22 million for personal use.
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