Rajendra Bir Raya, former board member of Karnali Development Bank who had been absconding after facing accusations of embezzling over Rs 2.5 billion, has been arrested.
A team from the Central Investigation Bureau (CIB) of Nepal Police arrested him on Saturday from Belahiya in Siddharthanagar Municipality-1, Rupandehi, according to Superintendent of Police Yuvaraj Khadka.
The 65-year-old Raya is also the then chief executive officer of the bank.
Raya had fled after being accused of embezzling over Rs 2.5 billion of depositors’ savings from the bank while serving as the chairman of the board of directors.
Police are investigating him under the Banking Offense and Punishment Act in coordination with Nepal Rastra Bank.