The Maoist-aligned Young Communist League (YCL) handed over Sitaram Prasai, the former chairman of Nepal Cottage and Small Industry Development Bank (NCSIDB) who has been accused of fraud, to the police Monday afternoon.

police, Monday, June 04 07. Prasai was abducted by the YCL on Sunday. nepalnews.com/ANA

Before taking him to the Kathmandu District Police Office (KDPO) at Hanumandholka, the YCL, which abducted the businessman from the Bank’s office at Kamaladi at around 3:00 pm yesterday, organised a news conference at Khula Manch to inform about the abduction episode. YCL Valley in-charge Sagar said Prasai had admitted committing banking fraud and added that his organisation would continue to take criminals and corrupt people under control and hand them over to the police.

“People will be compelled to punish such criminals on their own if the police fail to initiate action,” Sagar said. Prasai, who looked quiet during the press meet, made no specific comment on the charge against him.

At the programme, current NCSIDB chairman Aang Tendi Sherpa signed a paper, prepared by the YCL, conceding the wrongdoing by the Bank’s former chairman while issuing loans.

The Nepal Rastra Bank had asked police to arrest Prasai for wrongfully giving loans worth Rs 280 million. However, police had failed to arrest him even as he made several public appearances and recently threw a lavish party at a five-start hotel in Kathmandu, inviting a host of politicians and top police officials.

Meanwhile, the KDPO presented Prasai to the Kathmandu District Court, seeking his judicial custody. KDPO chief Superintendent Dhak Bahadur Karki said the police would immediately start gathering evidences supporting the charge against Prasai.

The YCL, which largely comprises former guerilla fighters, is criticised by the seven parties for its forceful activities. Especially the Nepali Congress and Nepali Congress (Democratic) have been complaining of intimidation of their activists by the YCL.