The Central Bureau of Investigation (CIB) of Nepal Police has stated that one of the co-operative owners embezzled more than 11.5 billion rupees deposited in various co-operative organizations.
The CIB informed that Kedarnath Sharma, the outgoing chairman of Shiva Shikhar Multipurpose Cooperative of Bhaktapur, chairman of Tulsi Multipurpose Cooperative of Morang and owner of Shikhar Organization, who absconded after being accused of co-operative embezzlement, has been arrested for misappropriating the money of depositors.
On June 26, he was arrested from Nepalganj and today CIB announced that legal action has been initiated against him.
The group including Sharma is accused of embezzling Rs 10 billion 777 million, 600 thousand rupees of 168,725 depositors from 35 districts.
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