Complaint Filed Against Prabhu Bank CEO Ashok Sherchan at CIB for Alleged Banking Offenses

A complaint has been lodged with the Central Investigation Bureau (CIB) against Ashok Sherchan, the Chief Executive Officer (CEO) of Prabhu Bank, accusing him of causing financial loss to the bank’s assets and committing banking offenses. The complaint, registered on March 15, 2025, alleges that Sherchan misused and misappropriated the bank’s assets in an unauthorized manner, demanding his arrest, investigation, and action. It also calls for the recovery of all misappropriated assets, including principal, interest, and compensation, to be returned to the bank.

The complaint claims that Sherchan colluded with Orbit Consultancy, allowing an Orbit representative to be stationed at Prabhu Bank’s Kamaladi branch and granting unauthorized access to confidential banking transactions. It is alleged that commissions earned by the bank from online payments for student education loans and fees payable domestically and internationally were booked under Orbit’s name, with Sherchan and Orbit sharing the profits, thereby causing financial harm to the bank.

Furthermore, the complaint highlights that a loan of NPR 766.6 million extended to Gun Cinema under the Gun Group and NPR 1.5 billion to Sugat Investment Pvt. Ltd. have remained unrecovered for years, with no apparent effort to collect the principal or interest. It also accuses Sherchan of colluding with Gun Cinema owner Rajendra Shakya to disburse loans under various pretexts, resulting in losses to the bank’s assets.

The complainant asserts that Sherchan, as the bank’s CEO, engaged in unauthorized handling and misappropriation of banking assets, constituting a banking offense. They have urged the CIB to arrest him, conduct a thorough investigation, and ensure the return of the misappropriated funds with interest and compensation. This case has raised serious questions about the financial transparency and management of Prabhu Bank. Sources indicate that the CIB is preparing to initiate an investigation into the complaint.