Banking News – Police have arrested Navina Gurung, operator of Top Global Investment Pvt. Ltd., on allegations of illegally providing loans by accepting houses and land as collateral without obtaining approval from the regulatory authority.

Gurung, a permanent resident of Tripura Sundari Rural Municipality-1, Sindhupalchok, was arrested in Maharajgunj by a police team deployed from the District Police Complex, Kathmandu, and the Maharajgunj Police Circle.

According to police, Top Global Investment had been allegedly providing loans illegally by requiring applicants to fill out loan application forms, deposit an advance amount equivalent to 20 percent of the requested loan, conduct field visits and independently determine interest rates before disbursing loans.

Police said Gurung was arrested and presented before the Kathmandu District Court, which granted a three-day extension of custody for further investigation under an offense related to the Nepal Rastra Bank Act.

Police also seized 71 checks from various bank accounts in different individuals’ names, four CPUs and four monitors belonging to different companies, nine receipt books issued for deposits made as security before receiving loans, and loan application forms and documents containing details and photographs of loan applicants.

Further investigation into the case is underway.