Kathmandu: Police have arrested former executive chairman Yogendra Prasad Shrestha, who had been on the run after being convicted in a banking fraud case involving the now-defunct Nepal Share Markets and Finance Limited.
A team from the Central Investigation Bureau apprehended the 69-year-old from Sitapaila in Kathmandu on Sunday. He had been absconding after the Supreme Court of Nepal handed down a verdict imposing both prison terms and heavy financial penalties.
Authorities said the case originated from a complaint filed by the Financial Institutions Supervision Department of Nepal Rastra Bank, which accused Shrestha of carrying out irregular and unlawful activities that went against the interests of depositors and the financial institution while serving in the company.
Following the investigation, the Supreme Court on September 21, 2024 (Bhadra 5, 2081 in the Nepali calendar) found him guilty. The court issued separate rulings in two cases. In the first case, Shrestha was fined Rs 194.6 million and sentenced to three years in prison. In the second, he was fined Rs 32.14 million and given another three-year prison term.
Combined, the verdict imposes a total fine of Rs 226.74 million and six years of imprisonment.
Originally from Ward No. 24 of Kathmandu Metropolitan City and currently residing in Sitapaila of Nagarjun Municipality, Shrestha had been evading arrest since the verdict was delivered. Police said he has now been presented before the Kathmandu District Court for execution of the sentence.
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