KATHMANDU, June 3: Nepal Police have arrested Om Prasad Pandey, the chairperson of Ram Janaki Health Foundation, on charges of banking offense.
Pandey has been arrested on charges of repeatedly misappropriating bank loans by setting up a fictitious business enterprise.
Superintendent of Police at the Central Investigation Bureau (CIB) Shiva Kumar Shrestha informed that a CIB team arrested Pandey from Janaki Medical College in Chireshwornath-1, Ramdaiya, Dhanusha.
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Ram Janaki Health College is affiliated with Tribhuvan University and was established in 2003.
Pandey has been accused of abusing credit facilities by creating a shell company named ‘Institute of Agriculture, Forestry, and Veterinary Service Pvt. Ltd.’ in Bardibas Municipality-6, Mahottari. According to the CIB, Pandey repeatedly took loans by artificially inflating the value of his collateral without even preparing a Detailed Project Report (DPR) for the company.
According to the police, the loans were acquired from Prabhu Bank. However, the authorities have not yet disclosed the exact amount of the misappropriated funds.
The CIB stated that an investigation has been initiated against Pandey under the Banking Offense and Punishment Act, 2008.
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