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KIST bank ex-CEO Gyanwali arrested

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KATHMANDU — Nepal police have arrested a CEO of then KIST Bank, Kamal Gyanwali on Friday morning.

Gyanwali was arrested from Mahendranagar and he will be presented to the court at 10:00 am, according to Metropolitan Crime Division.

The Patan appellate court, on September 20, 2016, had sentenced Gyanwali for four-year jail term and 40.5 million charges for banking fraud. Since then he was at large.

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The Nepal Rastra Bank (NRB) had found that Kamal, who was a shareholder at Siddartha Development Bank, used his personal influence while taking out the loan on his wife Gauri Khanal Gyanwali’s name keeping an undervalued land as collateral.

As per an investigation Mrs Gyanwali caused Siddartha Development Bank to suffer losses while taking a loan of Rs 130 million.

Then Gauri was detained by the police in connection to a banking fraud charges on June 5, 2013.

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Massive fire guts property worth millions in Itahari

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ITAHARI- Goods, raw materials and equipments worth over Rs 20 million were gutted when a fire broke out at the Laxmi Foam Industry at Khanar of Itahari Sub-metropolitan City-10 in Sunsari district this morning.

It is said the fire suddenly broke out from the warehouse area of the industry where the ready-made goods are stored. Police have speculated that the fire started at 4 am when the industry had already closed and there were no workers inside.

The industry is owned by Bhanu Tibadewala. According the Shankar Thakur, the manager at the industry, the raw materials of doormat and important machinery at the industry have also been damaged in the inferno.

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Nepal Army, the Armed Police Force and the Nepal Police personnel as well as the Itahari fire brigade made attempts to douse the fire after some time it started.

Fire trucks from Dharan, Inaruwa, Biratnagar, Duhabi and Sundarharaincha were immediately called into service thereby bringing the huge inferno under control and preventing further damage, said Shiva Kumar Shrestha, Deputy Superintendent of Police at the Area Police Office Itahari.

He said the cause of the fire is not yet ascertained and the extent of damage is being assessed.

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