KATHMANDU: The District Court in Sunsari has ordered the remand of eight individuals for trial in connection with the embezzlement of over Rs 10.73 billion from Dharan-based Baraha Savings and Loan Cooperative, while three others have been granted bail.
The court issued the order after recording the statements of all 11 accused, who were arrested following complaints of large-scale financial fraud affecting thousands of depositors.
The investigation, led by the District Police Office, Sunsari, resulted in a 440-page charge sheet detailing the fraudulent activities.
According to court official Tikendra Jung Rana, the bench of Chief Justice Mukesh Upadhyay ordered the remand of eight individuals, while three were released on bail with a bond of Rs 500,000 each.
Those remanded include Rina Rai, former wife of Baraha Group chairman Shiva Lamichhane, board member Phulmaya Rai, loan subcommittee member Sher Bahadur Mahat, Asmita Bhandari, former director and accounting supervisor Sudin BK, former loan subcommittee member Indra Kumar Lwagun alias Yamba, and accountant Arpana Shrestha.
Meanwhile, the court ordered the release of Jatan Maya, wife of Baraha Cooperative chairman Man Bahadur Bishwakarma, Sarita Kalikote, wife of Baraha Group administrator Ganga Kalikote, and board member Bishnumaya Tuladhar.
The police have filed a case against 262 people, including 210 debtors, under the Cooperative Act 2017 and the Organized Crime Prevention Act 2013.
Additionally, five companies affiliated with the Baraha Group have been named as defendants for asset seizure. A total of 4,168 victims had lodged 281 complaints, accusing the cooperative’s management of misappropriating funds.
Despite the arrests, several key figures remain at large. Among them are Shiva Kumar Bishwakarma, also known as Lamichhane, chairman of Baraha Group, Mandira Lamichhane Bishwakarma, founder of Baraha Group, and Man Bahadur Bishwakarma, a key member of Baraha Group.
Others on the run include Harikumar Dhamala Bishwakarma, Prakash Lamgade, Bikash Lamgade, Suresh BK, and Purna Bahadur Kalikote Bishwakarma.
Authorities have confirmed that a search operation is underway in Nepal and abroad to locate the fugitive suspects.
SP Suman Kumar Timsina of the District Police Office, Sunsari, stated that the seriousness of the crime has led to special measures, including a dedicated task force to ensure further arrests and legal action.
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