The Supreme Court has ordered the release of Jyoti Pandey, Chief Executive Officer (CEO) of Nepal Investment Mega Bank, on bail. A bench comprising Justices Saranga Subedi and Shanti Singh Thapa permitted an investigation to proceed with Pandey under the supervision of a senior advocate. The court ruled that there was no need to keep him in custody for the investigation and issued an order for his release on bail.
On May 15, in Kathmandu, the Supreme Court directed that Jyoti Pandey be released on bail and continue the investigation while appearing regularly before the court. The bench instructed that Pandey be released on bail to appear under the supervision of a designated senior advocate. The court also stipulated that Pandey cannot leave the country without prior court approval.
The court noted that there was no justification for keeping him in custody during the investigation and therefore issued an order for release on bail. Jyoti Pandey’s wife, Niru Dahal, had petitioned the Supreme Court for bail, arguing that he was being held unlawfully. The Criminal Investigation Bureau had arrested Pandey on charges including criminal breach of trust related to the auction and sale of Smart Telecom’s assets. Various banking and financial institutions protested, claiming that his arrest was fueled by political bias.
