KATHMANDU: Police said they have arrested Kamal Nath Subedi, the then CEO of Gyaneshwar-based Kuber Merchant Finance Ltd, on charge of fraudulence.

Subedi is accused of inflicting a loss of Rs 6.8 million on the finance company while auctioning the properties kept by debtors as collateral.

A team deployed from Nepal Police’s Central Investigation Bureau apprehended Subedi from Gyaneshwar area on Wednesday.

Police said they are carrying out an investigation into the charges against him as per the Banking Offence and Punishment Act 2064.