Complaint filed against Sherchan for banking offenses

 

KATHMANDU, MARCH 26: A complaint has been filed against Prabhu Bank’s Chief Executive Officer (CEO), Ashok Sherchan, at the Central Investigation Bureau (CIB) on charges of banking offences, alleging financial misappropriation and damage to banking assets.

It is charged that he was engaged in the unauthorized mobilization and embezzlement of banking assets, causing financial harm to the bank. The complaint, registered at CIB on March 14, demands his arrest for necessary investigation and legal action.

The CEO is accused of granting unauthorized access to confidential banking transactions at the bank's Kamaladi branch by colluding with Orbit Consultancy. The complaint states that he facilitated Orbit personnel’s involvement in sensitive banking operations. Furthermore, it alleges that he diverted commission earnings from student loans and online payments meant for domestic and international tuition fees, illicitly booking them under Orbit’s name.

Similarly, the complaint highlights that loans amounting to Rs 766.6 million issued to Guna Cinema (owned by Guna Group) and Rs 1.5 billion provided to Sugata Investment Pvt. Ltd. have remained unpaid for years. It also accuses the CEO of conspiring with Rajendra Shakya, the owner of Guna Cinema, to issue multiple loans under different categories, further causing financial harm to the bank.

Given these allegations, the complainant has urged CIB to arrest Sherchan for a thorough investigation and legal action, along with the full recovery of all misappropriated funds, including principal, interest, and damages, to be reimbursed to Prabhu Bank.