Cooperative’s Chair arrested from India for embezzling Rs 14 billion

Kathmandu: Chairman of Shiv Shikhar Multipurpose Cooperative Society Kedarnath Sharma has been arrested from Mumbai, India.

Police said Sharma had escaped from Nepal after embezzling deposits of more than Rs 14 billion of Shiva Shikhar Multipurpose Cooperative Society.

According to the police, Sharma was arrested by a CIB team while he was hiding in the house of a leader in Mumbai, India, police said. He was brought to Nepal on Monday.

Shiva Shikhar Agricultural Cooperative of Bhaktapur and Shikhar Deep Multipurpose Cooperative were merged to form Shiva Shikhar Multipurpose Cooperative Society in 2077 B.S.

It was difficult to return the deposits of general public as the operators of the Cooperative, who had done a huge business in a short time, were slowly defrauding the money.

The savers had lodged a complaint at the CIB and the Cooperative Department after they could not get their savings.

The CIB issued a notice on June 16, calling for a complaint with evidence showing embezzlement of money deposited by savers in the service centers of Kathmandu and Lalitpur districts.