Kathmandu, June 27: Police have arrested Karma Chhering Sherpa on charges of fraud and criminal breach of trust involving the alleged embezzlement of more than Rs 87.8 million.
The arrest was made by the Central Investigation Bureau (CIB) from Ganesh Chowk, Ward No. 6 of Budhanilkantha Municipality, Kathmandu, on Friday, according to CIB spokesperson and Senior Superintendent of Police Anupam Shamsher Jabara.
Police said Sherpa was arrested in connection with a complaint filed by Ramchandra Bahala Shrestha, the authorised representative of Tunggram International Academy Pvt. Ltd. The Government of Nepal has registered a case against Sherpa and others.
According to the CIB, Sherpa served as the academy’s chief executive and had sole authority to operate its bank accounts. Investigators allege that he abused his authority by engaging in various fraudulent transactions to benefit himself and his associates, causing financial losses to the school.
The CIB alleges that Sherpa intimidated and unduly influenced others before misappropriating Rs 87,830,802 belonging to the school. He is also accused of selling about 29 ropani, 4 aana, 2 paisa and 1 daam of the school’s land in Dadhikot, Bhaktapur, to companies linked to him.
Police further claim that funds allocated for purchasing vehicles for the school were instead used to buy land and vehicles in his own name and in the names of companies associated with him, depriving the school of its assets and causing financial damage for personal gain.
Sherpa was arrested after the Kathmandu District Court issued an arrest warrant, SSP Jabara said.
According to the CIB, the 54-year-old, originally from Ward No. 1 of Kathmandu Metropolitan City and currently residing in Ganesh Chowk, Budhanilkantha Municipality, has been taken into custody, and further investigation is underway.
People’s News Monitoring Service
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