Banking Fraud Exposed: Nepali Authorities Apprehend Suspect in Rs 90 Million Scam

Nepal Police has apprehended an individual involved in a banking offence, underscoring the ongoing efforts to combat financial crimes in the country. The culprit, identified as 67-year-old Ram Bhakta Thapa hailing from Panauti Municipality-6, Kavrepalanchok, was captured by the Central Investigation Bureau (CIB) of Nepal Police.

During a media briefing held on Sunday, Superintendent Hobindra Bogati of the Bureau disclosed that Thapa was apprehended from Koteshwor, Kathmandu. The arrest follows an extensive investigation into Thapa’s fraudulent activities, which implicated him in a scheme to manipulate officials and employees of Capital Merchant and Finance Company Limited.

According to Superintendent Bogati, Thapa’s modus operandi involved securing loans through illicit means, leveraging his influence to extract funds from the financial institution. It was revealed that Thapa had orchestrated the scam by fabricating documents under the guise of a fictitious entity named ‘Kabhre Broiler Suppliers’.

The culmination of the investigation led to Thapa’s conviction by the Then Appellate Court Patan on May 12, 2014. He was sentenced to three years in prison and ordered to pay a substantial fine amounting to Rs 90,706,378, equivalent to the misappropriated sum.

This arrest underscores the concerted efforts of law enforcement agencies to root out financial malfeasance and uphold the integrity of the banking sector. The successful apprehension of Thapa sends a clear message that individuals engaged in fraudulent activities will be held accountable for their actions, thereby safeguarding the interests of financial institutions and the public at large.