Prabhu Bank CEO and Senior Officials Arrested in Major Banking Fraud Case

Three senior officials of Prabhu Bank, including CEO Ashok Sherchan, have been arrested for alleged violations under the Banking Offense and Punishment Act. The Central Investigation Bureau (CIB) detained them from Kathmandu with approval from the Patan High Court.

According to CIB spokesperson SSP Shiva Kumar Shrestha, investigations confirmed their involvement in fraud, criminal breach of trust, and violations of the Nepal Rastra Bank Act. The officials are accused of ignoring central bank directives and misusing millions of rupees through multiple companies, causing major financial losses to the bank.

Those arrested include CEO Ashok Sherchan, Deputy CEO Mani Ram Pokharel, and Chief Credit Officer Rivas Shrestha. CIB said further investigations are underway.
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