11 Cases Linked to Royal Merchant Banking and Finance Limited Reach Supreme Court

The Commission for Investigation of Abuse of Authority (CIAA) has approached the Supreme Court, filing appeals against the Special Court's verdicts in 12 corruption cases. Of these, 11 cases are linked to the former Royal Merchant Banking and Finance Limited (now NCC Bank), while one pertains to revenue loss.

The cases involving Royal Merchant allege misappropriation and financial loss through loans disbursed in violation of banking procedures, charged under Section 17 of the Anti-Corruption Act, 2059. These include cases against Anoj Shrestha of NBDR Supermart for over NPR 38.7 million, Rabin Lama for over NPR 20 million, Manjil Bhetwal of Guru Gorakhnath Housing Pvt. Ltd. for NPR 14.5 million, and Manoj Kumar Bhetwal of Innovative Concept Nepal for NPR 111.1 million, among others. Seven other cases also involve millions in alleged misappropriated funds.

On February 22, 2024, the Special Court acquitted all defendants in these cases. In a separate case, Shambhu Prasad Mainali, ward chairperson of Hariban Municipality, was cleared on March 13, 2024, of causing a revenue loss of NPR 936,000. Dissatisfied with these rulings, the CIAA filed appeals in the Supreme Court on Thursday.