The Supreme Court has ordered the release of Jyoti Pandey, the CEO of Nepal Investment Mega Bank.
After hearing a habeas corpus petition, a joint bench of Justices Sharanga Subedi and Shanti Singh Thapa issued the order on Friday.
However, the bench also ordered that Pandey may travel abroad only after obtaining permission from the court.
Pandey was arrested by the police last Wednesday in connection with a case involving the illegal auctioning of Smart Cell's assets.
Nepal Investment Mega Bank had published an auction notice on September 19, 2025.
Point No. 2 of the notice stated that bidders must submit a lump-sum bid including a sum of Rs 400 million (added to the amount bid for the telecommunications equipment) to cover the outstanding house rent and electricity dues that Smart Cell owed to the owners of the land and buildings where the equipment was installed.
According to the allegations, although the bank collected the said amount from the bidders following the publication of the auction notice, it has not yet paid the house rent and electricity dues to the property owners, thereby committing fraud and criminal breach of trust.
