KATHMANDU: Nepal Investment Mega Bank (NIMB) CEO Jyoti Prakash Pandey has been released on Rs 8 million bail in a case related to the auction of collateral belonging to Smart Telecom.
A single bench of Kathmandu District Court Judge Kamal Kanta Joshi ordered Pandey’s release on Rs 8 million bail following a detention hearing on Thursday.
Pandey was arrested from Sindhuli in May in connection with the case. The Supreme Court later ordered his release on a personal guarantee following a habeas corpus petition filed by his family, which claimed that he had been unlawfully detained. A bench of Justices Sharanga Subedi and Shanti Singh Thapa ordered his release on May 19.
After his release from custody, the government filed a case against Pandey at the Kathmandu District Court. Following Thursday’s hearing, the court has allowed him to defend the case while remaining outside custody.
Smart Telecom’s operating license was automatically revoked on April 16, 2023, after the company failed to renew it as required under Section 25(5) of the Telecommunications Act, 1997.
Pandey has been accused of being involved in the sale of Smart Telecom’s assets without government approval or following the required legal process, allegedly to recover bank loans. The government has charged him with fraud, organized crime and offenses related to banks and financial institutions.
