Nepal Police have arrested four people including the chairman of Laligurans Multipurpose Cooperative.
The Kathmandu Valley Crime Investigation Office made arrests from various places in the valley and made them public on Sunday.
Among those arrested are Chairman Amardas Shrestha, Chief Executive Officer (CEO) Surendra Bhandari, Treasurer Amrit Kumar Aryal and member Kadambaba Joshi Pradhan.
The police allege that the operators of Pulchowk-based cooperative has defrauded the depositors with the lure of attractive interest rates by embezzling the deposit of the savers.
On March 14, a fraud case was registered against them at the District Police Range, Lalitpur. The cooperative operators were absconding after the police started investigation into the case.
The police said that they were apprehended last Friday and sent to the police range, Lalitpur.
Who is the chairman Shrestha?
Chairman Amardas Shrestha, 76, who has served as a chief manager at Nepal Bank's head office, New Road, for 31 years. According to the police, he worked as the secretary of the cooperative for two years in 2061 BS. He became the vice chairman of the cooperative in 2064 BS and continued his work in the same capacity for eight years. He has been in the role of chairman since 2074.
On the other hand, CEO Surendra Bhandari has been in various roles in the cooperative since 2056 BS. He joined the cooperative in 2056 as a manager. Since then, he has been working as CEO, director and secretary of the said cooperative.
As many as 22,000 savers have deposited a total of Rs 6.3 billion in Laligurans Cooperative, according to the police.
