KATHMANDU: Shiva Bahadur Gurung, also known as Mahendra Bhote, a leader affiliated with the Youth Association Nepal close to the CPN-UML, has been released on bail in connection with the high-profile Suryadarshan Cooperative fraud case in Pokhara.
Bhote was released after agreeing to repay Rs 170 million in claimed liabilities and depositing a bail amount of Rs 500,000, according to court documents.
The release order was issued by a bench of Judge Himalal Belbase of the Kaski District Court.
Bhote had been remanded to judicial custody in 2023 for trial on charges related to the Suryadarshan Cooperative fraud case.
Both the District Court and the High Court had earlier upheld decisions to keep him in custody pending trial.
Alongside Bhote, Suryadarshan Cooperative treasurer Kumar Ramtel, vice-chair Kailash Kumar Darlami, and other officials had also faced legal action over the alleged fraud.
The principal accused in the case, Gitendra Bahadur Rai, remains absconding.
The case has also drawn attention due to allegations involving Rabi Lamichhane, who is among those investigated following supplementary complaints filed by depositors.
Investigators had examined allegations related to cooperative fraud, money laundering, and organized crime. However, authorities have since dropped money laundering and organized crime charges against Lamichhane and other accused, including Rai.
A total of 19 individuals were named as defendants in the case, which concerns allegations that more than Rs 1.5 billion belonging to over 18,000 depositors was misappropriated.
The investigation was launched following complaints from depositors seeking recovery of their savings and accountability from those involved in the cooperative’s management.
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