Nepalese investigators have charged several former bank officials with misappropriating funds worth hundreds of thousand of US dollars.

The Commission for the Investigation of Abuse of Authority (CIAA) accuses the ex-officials of different branches of Rastriya Banijya Bank (RBB) in the Kathmandu Valley of fraudulent use of letter of credit (L/C) transactions.

Fake documents

Former bank manager Thirtha Prasad Neupane, senior assistant Raghubar Raj Pandey and account officer Anil Kumar Bhandary allegedly misappropriated US$198,750 while issuing a L/C for Subash Chandra Mundada, proprietor of Mundada Impex, according to a CIAA statement.

The CIAA accuses the trio, all of whom were officials of RBB's Bhotahiti branch, of producing fake documents, signatures and customs stamps.

Pandey and Bhandary also face charges along with another former bank manager of the Bhotahiti branch, Gopal Bahadur Sharestha, related to the embezzlement of US$135,483 while opening a L/C with Chakra Prasad Pandit, proprietor of New Sapin Enterprises.

Similar case

Former bankers at RBB's Baneshwor branch meanwhile face very similar charges related to the misappropriation of US$97,200 while opening a L/C for Dambar Bahadur Thapa, proprietor of Sanam Shalma Traders.

The CIAA accuses former manager Shree Krishna Shrestha along with three ex-assistants - Mahendra Bhakta Pradhananga, Ram Prasad Rai, Bal Prasad Neupane and Madan Kumar Siwakoti - of producing fake documents, signatures and customs stamps.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.