KATHMANDU, Nov 23: The Employees Provident Fund (EPF) has asked Ichchha Raj Tamang to clear all the outstanding dues on time or face the liquidation of his fixed assets in Sundhara, Kathmandu that have been considered for the collateral.
Former Chairman of Civil Bank Tamang has been in police custody on the charge of embezzling the money deposited by the depositors in the then Civil Savings and Credit Cooperative Society Limited. Over 1,300 people have filed complaints against Tamang, seeking to recover around Rs 5.50 billion.
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Issuing a 35 day public notice on Monday, the EPF has asked to settle the loans issued in the name of Tamang-owned Civil Estates. The EPF has warned to take Tamang’s fixed property, including six ropanies of land and 132 shopping units constructed in 82,095 square feet area, into auction if the dues are not settled on time.
The EPF has issued similar notices against the board of directors of Civil Estates including Keshab Lal Shrestha and Prabin Mukhiya.
