Money

NRB directs BFIs to bear investigation cost on banking frauds

- Post Report, Kathmandu

Nov 27, 2015-

Nepal Rastra Bank (NRB) has directed the bank and financial institutions to bear the cost of police investigation on banking fraud cases.

With the fraudsters running away from the country with large scale frauds, the central bank said that concerned bank or financial institution should be ready to pay travel expenses such as cost of air ticket and other bills to Central Investment Bureau (CIB) of Police based on the bill submitted by the CIB. The CIB is the responsible for conducing investigation on the financial frauds.

There is trend of fraudster leaving the country to save themselves from being arrested by the police.

For example, Pawan Kumar Karki, former managing director of Capital Merchant and Finance Company, ran away to the United States by committing frauds worth Rs1.47 billion at the finance company.

Interpol has issued a diffusion notice in his name but police has so far failed to bring him back to Nepal.

Published: 27-11-2015 17:09

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