Civil Group Chairman Tamang arrested for embezzling Rs 460 mln
KATHMANDU: A team of Central Investigation Bureau (CIB) of Nepal Police apprehended 12 persons including Chairman of Civil Group Ichhaya Raj Tamang for their alleged involvement in embezzling Rs 460 million.
DIG Dhir Pratap Singh, Chief of the CIB said that Tamang was arrested for embezzling the money deposited by the people in Civil Saving and Credit Cooperatives. Ltd.
As many as 70 people had filed cases against Tamang for misappropriating the money.
The victims in their complaints said that Tamang embezzled the money of cooperatives by investing the money of depositors in his real estate company when he was the chairman of the cooperatives.
Tamang is the founder of Civil Saving and Credit Cooperatives. Ltd. and Civil Homes.
Tamang is also the Chairman of cooperatives and Civil Bank.