Tuesday, May 17, 2011

Police seeks arrest warrant against absconding former NSMF’s Chairman

Police has sought an arrest warrant against Yogendra Prasad Shrestha, former chairman of Nepal Share Markets and Finance (NSMF), as he has been found involved in financial irregularities during the investigation conducted by Nepal Rastra Bank’s (NRB) inspection team.

As Shrestha has been found involved in indiscretion while issuing loans worth over 2 billion, the police has sought the arrest warrant against him along with his family members as per the appeal made by NRB.

Shrestha has been absconding since being found involved in financial irregularities and the central bank has requested the police to search for him and carry out necessary investigation into the case.

The central bank has also already forwarded the letter to the Home Ministry through Finance Ministry to arrest Shrestha along with his family members for further investigation and necessary actions citing his involvement in financial irregularities.

Shrestha is accused of issuing loans to his own family members while none of the promoters of the bank and financial institutions can issue a loan to his own family members as per the financial act.

The central bank has also decided to seize the passport of Shrestha while the bank has already frozen the bank accounts and property of Shrestha. nepalnews.com

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