CEO of Saptakoshi Development Bank arrested

Chief Executive Officer of Saptakoshi Development Bank Navin Subedi has been arrested. He was arrested by the Morang Police on Wednesday for investigating a case of embezzlement of Rs 16 crore in a bank.

Officers Amit Thapa Magar and Devi Prasad Bhandari, head of the bank’s accounting branch were also arrested along with him, according to Morang Police. Subedi was arrested on the charge of embezzling Rs 16 crore from the bank, said Morang Police Spokesperson Deepak Shrestha. He was taken under control by the police after it was found that most of the money from the bank was in the account of the CEO’s relative.

The corporate office of Saptakoshi Development Bank, headquartered in Dhankuta, is in Biratnagar. It was revealed that Rs. 15 crore 70 lakh of remittances were embezzled from the same corporate office.

By Muna Chand