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Banker Yogendra Shrestha faces big money laundering charge

Yogendra Shrestha

Kathmandu, June 16

The Department of Money Laundering Investigation has filed a case against notorious banker Yogendra Shrestha, accusing him of laundering the money he earned by committing banking offences.

The then executive chairman of Nepal Share Markets and Finance Company, Shrestha has been accused of amassing property worth Rs 2.666 billion illegally. In the case filed at the Special Court, the government has demanded that he repay the amount to the state and a fine worth double the amount.

Investigations had found that Shrestha borrowed loans from various banks and financial companies, ultimately making sure he would not need to pay back. He used to attract more deposits to his bank by offering high-interest rates and would give the money to fake debtors that he would create on his own.

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