Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The Employees Provident Fund (EPF) has warned Ichchha Raj Tamang to start liquidation of his fixed assets in Sundhara, Kathmandu if he fails to clear the outstanding dues on time.
Former Chairman of Civil Bank Tamang is in the police custody on the charge of embezzling the money of depositors in the then Civil Savings and Credit Cooperative Society Limited. Tamang had taken loan from EPF against collatoral of his Sundhara-based asset.
Over 1,300 people have filed complaints against Tamang, seeking to recover around Rs 5.50 billion.
Issuing a public notice, the EPF has asked to settle the loans issued in the name of Tamang-owned Civil Estates. Meanwhile, EPF has also warned to take Tamang’s fixed properties into auction if the dues are not settled on time.
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