BANKE: The Nepalgunj Bench of Tulsipur High Court has ordered the remand of former officials and employees of Karnali Development Bank Limited, Nepalgunj, in connection with a large-scale financial fraud.

Former CEO Rajendra Bir Raya, ex-Chairman Pashupati Dayal Mishra, and employee Bed Prakash Singh Thakuri were sent to judicial custody pending trial, according to court information officer Bal Bahadur Bista.

The joint bench of Judges Chandra Bahadur Saru and Poonam Singh Chand issued the remand order on Wednesday.

Meanwhile, former Nepal Rastra Bank employee Bhuwan Basnet, who was assigned as a supervisory expert to the bank, was released on a bail of Rs 200,000. Though the hearing concluded around 2 PM, the court’s decision came late at 8 PM.

Following an investigation by the Central Investigation Bureau (CIB) of Nepal Police, the District Government Attorney’s Office, Banke, filed the case at the Commercial Bench of the High Court Tulsipur, Nepalgunj, on July 29.

Police have named a total of 109 individuals, including former CEO Raya, as defendants in the case.

Of these, four—including Raya, Mishra, Thakuri, and Basnet—have been arrested, while 105 remain absconding.

The case, filed on allegations of embezzling Rs 3.20 billion, lists all 109 as defendants, with the court establishing the embezzlement figure at Rs 3,201,154,157.03, according to information officer Bista.