KATHMANDU: Police have arrested 12 individuals including Ichchha Raj Tamang, the operator of Soltimod-based Civil Cooperatives, on the charge of misappropriating Rs 460 million deposited by general people.

Acting on a fraud case lodged by victims, a Central Investigation Bureau (CIB) of Nepal Police nabbed them on Monday.

Keshab Lal Shrestha, the incumbent chairman of the Civil Cooperatives, is among those arrested. CIB Chief DIG Dhiraj Pratap Singh informed that they were arrested based on the complaint lodged by the depositors.

“Tamang has issued a huge amount of loan in the name of his relatives against the regulations of cooperatives,” said DIG Singh, adding, “We have initiated an investigation into the case after arresting Tamang including the loan officer.”

Real estate professional and the promoter of Civil Cooperatives, Tamang has been in financial crisis for the last few years. Tamang had also become a lawmaker of the Second Constituent Assembly of Nepal representing CPN-UML.