Former Karnali Development Bank CEO Arrested for Misuse of Rs. 1.26 Billion

Rajendra Bir Raya, the founding chairman and former CEO of Karnali Development Bank, has been arrested by the Central Investigation Bureau (CIB) of Nepal Police.

He was taken into custody on charges of misusing bank funds worth Rs. 1.26 billion. According to CIB, Raya is accused of using the bank’s money for personal gain and violating banking laws during his time in office.

The investigation is ongoing, and authorities say more details will be revealed as they continue examining how the large amount was misused. This case is seen as one of the biggest financial frauds involving a top-level bank official in recent years.