KATHMANDU, Nov 9: The Central Investigation Bureau (CIB) has arrested three people of Mohan Sahani Group, who were at large for the last seven years following the Special Court´s verdict that found them guilty of banking fraud.
Pradeep Ratna Tuladhar, 51, Sarwagya Ratna Tuladhar, 53, and Amar Raja Tamrakar, 36, who caused losses of Rs 1.59 million to Nepal Bank Limited, were arrested by a team of CIB from Ason area of Kathmandu on Thursday. They have been presented before Kathmandu District Court, according to the CIB.
The three individuals, promoters of T&T Industries, a subsidiary of Mohan Sahani Group, had obtained loans in collusion with employees of Nepal Bank, which was never repaid. The Special Court in October 2005 declared them guilty and fined Rs 396,926 each. But they fled after the court verdict was issued.
Earlier, the CIB also arrested Mohan Sahani, who had fled without paying a fine of Rs 105.05 million slapped by the Special Court.
Mohan Sahani Group, which has obtained loans in the name of various firms under its wing, in collusion with staff of Nepal Bank, has so far inflicted a loss of Rs 190 million on the category ´A´ financial institution. Investigation found that most of its subsidiaries were opened just to acquire bank loans and not to conduct business.
It was also difficult to recoup the credit by auctioning the pledged collateral as they were overvalued and of inferior quality, the CIB report said. “These included plots of land on river banks and slopes of hills.”