KATHMANDU: Surendra Bhandari, the owner of Lalitpur-based Laligurans Multipurpose Cooperative, has been arrested.

Bhandari, who also serves as the chief of the Central Cooperative Department of the Nepali Congress, is accused of misappropriating Rs 6 billion of depositors’ money.

Allegations include investing in private companies and providing loans to political party leaders.

He was arrested by the Kathmandu Valley Crime Division in Baluwatar on Friday.