KATHMANDU: Police have arrested four officials, including Chairman Mansingh Rai, of Gorkha Savings and Credit Cooperative Limited in Talchhikhel, Lalitpur, on charges of embezzling depositors’ funds.
According to Senior Superintendent of Police Hobindra Bogati of the District Police Range, Lalitpur, the arrests were made following complaints from more than 3,100 savers alleging misappropriation of around Rs 4 billion.
Those arrested include Chairman Mansingh Rai, Chief Executive Officer Lal Bahadur Chhetri, and directors Karna Bahadur Rai and Anli Kumar Rai.
Police said complaints filed by 3,102 depositors claim that approximately Rs 3.89 billion was misused.
The government had earlier declared the cooperative problematic and handed over its assets and liabilities to the Problematic Cooperative Management Committee for liquidation.
According to officials, the committee has received 2,594 complaints, with claims totaling approximately Rs 3.23 billion.
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