Former Karnali Development Bank CEO Raya arrested for misappropriation of Rs 2.5 billion

Rupandehi. Rajendra Bir Raya, former CEO and director of Karnali Development Bank, has been arrested on charges of misappropriating over Rs 2.5 billion from depositors.

The Central Investigation Bureau (CIB) of Nepal Police apprehended Raya yesterday from Siddharthanagar Municipality-1 in Rupandehi. He had been absconding following the large-scale financial fraud.

According to Superintendent of Police and CIB spokesperson Yubaraj Khadka, Raya is accused of violating the Banking Offences and Punishment Act.

The arrest was carried out by a special investigation team, and further inquiries are ongoing in coordination with Nepal Rastra Bank.