KATHMANDU: Former President of the All Nepal Football Association (ANFA) Karma Tsering Sherpa has been released on bail by the Kathmandu District Court after admitting to the charges during his statement and committing to clear all financial liabilities.

Despite his release, the Central Investigation Bureau (CIB) of Nepal Police confirmed that investigations will continue into him, who was arrested from Budhanilkantha on June 26, following a direct court order.

Sherpa faces charges of fraud and criminal breach of trust for allegedly embezzling Rs 87,830,000 during his tenure as chief executive of the Hattigaunda-based Trungram International Academy.

CIB investigations revealed that he used intimidation and undue influence to illicitly transfer over 14,753 square meters of school land in Dadhikot, Bhaktapur, to his own company, and misappropriated funds earmarked for school vehicles to purchase corporate property and assets under his own umbrella.

Although initial complaints against him were sidelined two years ago, the recent court order prompted the CIB to revive the case and execute the arrest.