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Three cooperative operators held for embezzling savers’ fund

Nepalkhabar

 |  Kathmandu

Three cooperative operators have been arrested on the charge of misappropriating fund of Square Cooperatives based at Kathmandu Metropolitan City-23.

The Central Investigation Bureau (CIB) of Nepal Police on Sunday apprehended chairman of Square Cooperatives Bashudev Joshi, 66, of KMC-14, secretary Subarna Selalik, 67, of KMC-25, and Dharma Ratna Pachhen, 58, of Kathmandu-26.

They were taken under control from various places of the federal capital for allegedly embezzling Rs 74 million 087 thousand 860.59 on June 9, according to police.

The cooperative operators abruptly closed the institute reneging on their promise to return deposits and accrued interest of the savers, said police. 

The arrested are being investigated by taking them on a -7-day remand from the District Court, Kathmandu in accordance with Cooperatives Act, 2074.

Meanwhile, the police have urged the depositors to contact the CIB as soon as possible.

 



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