KATHMANDU, September 15: The Kathmandu Metropolitan City (KMC) registered complaints against 27 cooperatives accused of embezzling their members’ deposits worth around Rs 440 million in the last fiscal year.
According to the KMC, it received complaints from more than 1,000 individuals who accused different cooperatives of swindling them out of their money. Seeking to take necessary action, the KMC has handed over the cases of more than 1,400 people to Nepal Police, said KMC officials.
Nepalese Cooperatives: Deviating from Cooperative Values and Pr...
Of the accused, Anandanagar Savings and Credit Cooperative has been charged of misappropriating the general public’s money worth Rs 146.10 million. Similarly, Om Batu Savings and Credit Cooperative is accused of failing to return Rs 68.20 million of its depositors.
The liabilities of Swatantra Shanti Savings and Credit Cooperative and Business Savings and Credit Cooperative amount Rs 25.90 million each while Samunnat Savings and Credit Cooperative and Manapathi Savings and Credit Cooperative haven’t paid Rs 15.20 million and with Rs 9.12 million back to their depositors, respectively.
