Saptakoshi CEO arrested: 140 million transferred to sister’s account

Three people, including Chief Executive Officer (CEO) Navin Subedi, have been arrested in connection with a Rs 160 million scam involving Saptakoshi Development Bank.

Nepal Police have arrested Subedi, Bank Finance Chief Devi Prasad Bhandari and Operations Chief Amit Thapa Magar.

A complaint was lodged with the Nepal Rastra Bank (NRB) alleging that they were involved in the misappropriation of Rs.157 million in 6 years.

Police arrested them on Wednesday on the basis of the same complaint.

Out of the amount of more than Rs 157 million involved in the scam, Rs 140 million has been sent to the account of Babita Subedi, the sister of CEO Subedi.

The amount appears to have been transferred to the Prime Bank account in Babita’s name from 2016 to August 2, 2021.