KATHMANDU: KB Upreti, chairman of the National Cooperative Bank Limited (NCBL), has been arrested by Nepal Police on charges of embezzling funds from the Yamuna Ideal Hamro Multipurpose Cooperative. The arrest, confirmed by Senior Superintendent of Police Basanta Rajaure, took place in the Balaju area of Kathmandu on Wednesday afternoon.

Upreti is accused of misappropriating billions of rupees deposited by cooperative members. The government recently classified Yamuna Ideal Hamro Multipurpose Cooperative as problematic due to financial irregularities.