KATHMANDU: The Central Investigation Bureau (CIB) of Nepal Police has arrested Rajendra Bir Raya, the former board director and Chief Executive Officer of Karnali Development Bank, who had been on the run after embezzling over Rs 2.5 billion

According to CIB sources, Raya was arrested on Saturday from Belahiya, Siddharthanagar Municipality-1 in Rupandehi district.

Raya had absconded after misappropriating more than Rs 2.5 billion in depositors’ savings collected by the bank.

The CIB investigation team arrested him, and further investigations are being conducted under the Banking Offenses and Punishment Act, 2064 (2008), in coordination with Nepal Rastra Bank.