KATHMANDU: Kathmandu District Court (KDC) today set Rs 4 million bail amount for Gyanendra Shrestha, chairman, board of directors, World Merchant and Finance Ltd. He was arrested and presented in the KDC for prosecution as per the order of the Nepal Rastra Bank (NRB) and Commission for the Investigation of Abuse of Authority (CIAA).

A single bench of judge Chandi Raj Dhakal issued the order.

Last week, a case was filed against Shrestha, board member Ranjit Koirala and the then deputy managing director Gopal Ghimire, accusing them of cheating depositors and indulging in other financial irregularities. Shrestha was charged of embezzling Rs 9.2 million, Koirala of Rs 2.2 million and Ghimire of Rs 5.2 million. Koirala and Ghimire have been absconding. Chief Executive Officer Binit Mani Upadhyay has also been accused of embezzling Rs 3 lakh.

Accusing the board members and bank officials of cheating, complaints were lodged in the CIAA and NRB seeking their intervention. The bodies have forwarded the case to the police.