NRB fines 4 banks for role in Prithvi Bahadur Shah case
Controversial businessperson Prithvi Bahadur Shah Kathmandu, February 9 Nepal Rastra Bank (NRB) has taken action against four commercial banks with a cash penalty of Rs 5 million each for its role in the Prithvi Bahadur Shah money laundering case . According to NRB, Kumari Bank, Bank of Kathmandu (now Global IME Bank), Prime Commercial Bank and Prabhu Bank have been fined Rs 5 million each. The Bank Supervision Department of NRB has confirmed that action was taken after Shah was found to have transacted business using the accounts of these four banks even after it instructed to freeze Shah’s bank accounts. Nabil Bank also failed to freeze Shah’s account, but since he had not done any transaction through the account, NRB has not taken action against it but has warned the bank. Shah was arrested on January 6, for alleged money laundering and fraud. Officials say the government is preparing to file three cases against Shah. Nepal Police Central Investigation Bureau chief Ut...