Prabhu Bank Under Scrutiny as CIB, Nepal Rastra Bank Conduct Joint Raid

Amid growing allegations of large-scale financial irregularities, the Central Investigation Bureau (CIB) and Nepal Rastra Bank jointly raided the headquarters of Prabhu Bank on Friday evening. The move followed the recent arrest of Prabhu Group Chairman Devi Prasad Bhattachan, accused in a Rs 980 million fraud case.

CIB Chief AIG Dr. Manoj Kumar KC confirmed the operation, saying that several key documents have been seized for further investigation in coordination with the central bank.

Bhattachan was detained from Lalitpur after Prabhu Management Chairperson Kusum Lama lodged a complaint alleging massive financial fraud. Although the Office of the Government Attorney had forwarded the case to Kathmandu Police last year, the probe only moved forward after CIB took over the case.

Sources said more individuals have been found involved in an additional Rs 180 million fraud, and the case will likely include organized crime charges.