Four former Mahalaxmi Bank employees, including ex-manager, arrested for Rs 3 crore fraud

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Rabindra Bhattrai
Rabindra Bhattarai is a respected finance expert, widely known for his contributions to Nepal’s capital market through research, and authorship on stock market investment and financial...
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Four former employees of Mahalaxmi Bank, including an ex-manager, have been arrested for embezzling nearly Rs 3 crore. The accused misused bank funds, leading to significant financial loss.

Those arrested include:

  • Former branch manager Sagar Shahi, 35, from Doti, now in Bhajani Municipality-7, Kailali.
  • Cash department staff Nirmala Saud, 29, from Shailyashikhar-9.
  • Customer service staff Ambadatt Pant, 28, from Purchaudi Municipality-3, Baitadi.
  • Loan department staff Dhananjay Pant, 31, from Lekam Rural Municipality-1, Darchula.

The four are accused of misappropriating Rs 28,476,702.29 from the Gokuleshwar branch of the bank located in Shailyashikhar Municipality-9, Darchula.

According to police, they allegedly caused financial loss to the bank by illegally withdrawing cash from the bank’s vault.

The arrest was made after a complaint was filed, stating that the four employees colluded to defraud the bank.

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Rabindra Bhattarai is a respected finance expert, widely known for his contributions to Nepal’s capital market through research, and authorship on stock market investment and financial management.
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