Police arrest three on charge of loan fraud

Published On: December 17, 2020 05:21 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Dec 17: Police have arrested three individuals on the charge of securing a huge amount of gold loan by mortgaging lesser amounts of the yellow metal.

Following a request from Nepal Rastra Bank, the country’s central bank, to investigate the case, the Central Bureau of Investigation of Nepal Police arrested three individuals on the charge of securing Rs 70 million loan from the Lalitpur branch of Mahalaxmi Development Bank by mortgaging lesser amount of the yellow metal.

“They secured a huge amount of loan with the involvement of bank staffers,” Superintendent of Police, Bel Bahadur Pandey, told Republica.

He further added that senior officials of the bank were also involved in approving the loan.

“Police have received complaints against more than 12 individuals including borrowers and bank staffers,” he said, adding that further investigation into the matter is underway.

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