Nepal arrests banker for multi-million-dollar fraud
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OCT 01 - A banker in Nepal has been arrested on suspicion of embezzling more than $30 million, police said on Thursday, in a case described as the biggest fraud in the country's history.
Officers arrested Yogendra Prasad Shrestha, 55, chairman of Nepal Share Market and Finance bank, on Wednesday in the western city of Mahendranagar.
He is accused of stealing 2.66 billion rupees ($34 million).
"We arrested him after the central bank's investigation found out the fraud," said Upendra Kant Aryal, head of the Central Investigation Bureau, which deals with organised crime and large-scale fraud.
"We have already filed a case in the district court. We have also blocked the passports of his two sons."
The case is widely understood to be the largest financial fraud in Nepal's history, and Shrestha faces a five-year jail sentence and a fine double the amount embezzled if he is convicted.
Nepal, one of the poorest countries in the world, was placed 146th out of 178 in Transparency International's 2010 corruption perception index, which ranks the worst countries lowest.
Earlier this year, a government minister was jailed for 18 months jail for corruption while in office, in a first for the country.
Posted on: 2011-10-01 03:13
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