Former Chairman of Nepal Share Markets and Finance Arrested in Kathmandu Over Banking Fraud Conviction

Yogendra Prasad Shrestha, the former Executive Chairman of Nepal Share Markets and Finance Limited, has been arrested in Kathmandu by the Central Investigation Bureau (CIB). Shrestha was apprehended by the police after being on the wanted list for a long time, facing charges of involvement in banking offenses irregularly and illegally against the interests of depositors and the institution.

The investigation into this case was initiated based on a complaint filed by the Financial Institution Supervision Department of Nepal Rastra Bank. The Supreme Court had previously convicted him, imposing a significant fine and a prison sentence.

The Supreme Court's verdict on Bhadra 5, 2081, found Shrestha guilty in two separate cases. In the first case, he was sentenced to 3 years in prison and fined over NPR 194.6 million, and in the second case, he was sentenced to 3 years in prison and fined over NPR 32.1 million. Combining the sentences from both cases, he was ordered to pay a total fine of NPR 226,741,343 and serve 6 years in jail. The 69-year-old Shrestha, who was absconding after the verdict, was arrested by a CIB team on Sunday from Sitapaila, Ward No. 5 of Nagarjun Municipality, Kathmandu.

Bureau Spokesperson Senior Superintendent of Police Shiv Kumar Shrestha informed that the arrested Shrestha has been presented before the Kathmandu District Court for the execution of the sentence. Shrestha, whose permanent address is Ward No. 24, Kathmandu Metropolitan City, had been hiding in Sitapaila recently.