KATHMANDU: Assets exceeding 370 million rupees belonging to 32 companies associated with Gitenbabu (G.B.) Rai have been frozen due to allegations of fraudulent activities on his part.

Various organizations initiated the freezing of Rai’s assets based on the request from the District Police Office, Chitwan.

The police revealed that letters have been dispatched to land revenue offices to extend the asset freezing to additional houses and land.

Rai, the founding chairman of Sahara Chitwan Multipurpose Cooperative Limited in Narayangarh, has left more than 8,000 depositors in uncertainty, as their deposited money remains unrecovered.

All executives, managers, and responsible employees of the cooperative have gone into hiding.

Sources indicate that the cooperatives had amassed over Rs 850 million from the public, with deposit amounts ranging from 100 million to 600 million rupees.