Three arrested for illegally floating loans

Police have arrested then chairman of Nepal Sri Lanka Merchant Banking & Finance Ltd Rubi Joshi along with two board members Shreeram Lamichhane and Gauri Shankar Chaudhary for floating loans in an illegal manner going against the rule of Central Bank.

While the Nepal Rastra Bank (NRB) had given final approval to the company to go for merger system with Nepal Bangladesh Bank, they are said to have floated huge amount of loans without any collateral resulting some Rs. 353.1 million loss to the company, according to Central Investigation Bureau. nepalnews.com