CEO, promoters involved in banking fraud: Police

Published On: October 22, 2019 11:29 AM NPT

DANG, Oct 22: It has been found that the promoters and chief executive officer (CEO) of Deva Development Bank are involved in banking frauds worth millions of rupees at the Narayanpur branch of the bank.

An investigation carried out by police shows that 56 persons including promoters and CEO are involved in a banking fraud worth Rs 180 million. Police have already filed a case against 56 persons at the High Court, Tulsipur, on the charge of banking offense.

After a complaint was filed regarding the fraud, police had arrested the branch manager of Narayanpur, Samir Budhathoki for investigation into the case. After investigating into the banking fraud case for two months, police have concluded that 56 persons were directly involved in it.
The embezzlement of the fund had happened following the merger of Western Development Bank and Deva Development Bank. Police investigation shows Budhathoki started embezzling while he was a branch manager at Western Development Bank. 

As the account of Western Finance was not transparent, Deva Development Bank had filed a case against Budhathoki on the charge of banking fraud worth millions of rupees. Police investigation also shows the CEO and promoters are also involved in the fraud. In the last two months, police had investigated more than 65 persons. Of the total 65 persons, nine were found innocent by the police.

According to Rajan Gautam, inspector at the District Police Office, Dang, police investigated 65 persons after receiving the complaint. “Of those, 56 persons were involved in the banking fraud,” he said, adding that police have already filed a case against them.

According to police, 13 persons including Samir Budhathoki are only under police control, while others are absconding. According to the police, six promoters, CEO, and seven employees of the bank are involved in the case. Meanwhile, other 43 persons are involved in using the money.
As per the report, Samir Budhathoki released million of rupees to fake borrowers, with the involvement of the promoters and CEO. 

The report also shows that the amount released had been deposited in the accounts of 43 account holders of the bank. “We have already found the account holders using the money. But, we are yet to know how the money was spent by the account holders. We will know all the details once all the accused are arrested,” said Police Inspector Gautam.

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