CEO Jyotiprakash Pandey Arrested While Trying to Flee with Mobile Phone Off in Sindhuli

Jyotiprakash Pandey, the Chief Executive Officer of Nepal Investment Mega Bank, has been arrested in Sindhuli. Pandey was caught while attempting to flee with his mobile phone turned off and has been brought to Kathmandu. An investigation is underway against him on charges of fraud and criminal breach of trust. (30 Baisakh, Kathmandu)

According to SSP Shivkumar Shrestha of the Central Investigation Bureau (CIB), Pandey was apprehended in Sindhuli. CIB sources reveal that Pandey was under surveillance for several days and, upon learning he had gone to Sindhuli, he was arrested with the assistance of the Sindhuli District Police Office while trying to escape with his mobile switched off.

Pandey was detained around 8 pm near Madan Bhandari Highway in Kamalamai Municipality-6, Bapark, Sindhuli, and brought to Kathmandu. The 63-year-old Pandey, residing in Manbhawan area of Lalitpur through Raktakali in Kathmandu, is currently under investigation for fraud and criminal breach of trust under the Muluki Criminal Code, SSP Shrestha stated. Pandey also served as the chairman of the Loan Recovery Committee and was reportedly involved in the auction process in that capacity.

On 2 Baisakh 2070, Smart Telecom Pvt. Ltd. was granted permission to operate telephone services from the Telecommunications Authority Jamal. However, the license was revoked after failure to renew it according to regulations. According to Rule 18 of the Telecommunications Service Provider Asset Management Regulations, 2079, when all assets, infrastructure, systems, and networks are taken under the control of the Nepal Telecommunications Authority, the CIB has indicated that Pandey acted with the intent to dishonestly cause damage to government property.