KATHMANDU: The Kathmandu District Court has extended the judicial custody of former lawmaker and businessmen Devi Prasad Bhattachan for five more days to allow further investigation into his alleged involvement in the Prabhu Pay and banking fraud case.

The Central Investigation Bureau (CIB) of Nepal Police arrested Bhattachan from his residence in Lalitpur yesterday on charges of large-scale financial fraud. According to the CIB, Bhattachan faces accusations of defrauding investors of Rs 980 million through transactions linked to Prabhu Group, where he also serves as Chairman.

Despite earlier complaints filed against him, authorities had not taken him into custody until this week. CIB Chief AIG Manoj KC told Nepal News that the bureau sought an extension of Bhattachan’s custody to pursue additional leads and gather documentary evidence related to the alleged banking offense.

Bhattachan, who was appointed to the House of Representatives under the CPN (UML)’s proportional representation quota in the 2022 general elections.