KATHMANDU: Prime Minister KP Sharma Oli has announced that more than 600 individuals have been prosecuted in connection with cooperative fraud.
Speaking from the Office of the Prime Minister and Council of Ministers at Singha Durbar to mark the government’s first 100 days in office, Oli outlined the administration’s decisive actions to address the issue.
“We established a parliamentary committee to investigate the misappropriation of cooperative savings and made a firm commitment not to spare anyone involved,” Oli said. He added that 575 of those prosecuted are now serving jail time for their roles in defrauding cooperative members.
Oli said that his government is not only focused on holding wrongdoers accountable but also on providing a long-term solution to safeguard the sector.
“We are not just punishing the cooperative fraudsters,” Oli said, “but also working to establish the necessary legal and institutional frameworks to prevent future fraud.”
This includes the introduction of the Cooperative Authority Act, the creation of a Cooperative Credit Information Center, and the development of a Debt Recovery Tribunal.
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