Four persons embezzling cooperative money remanded in custody

Nepalgunj, Nov 4 : The District Court has remanded four persons of Nepalgunj-based Cooperative Financial Development Organization Limited in custody for allegedly embezzling Rs 430 million.

A single bench of District Court Banke justice Dhaniswor Poudel on Sunday issued an order to send cooperative’s chief manager Gopal Bhandari, assistant chief manager Gangadhar Subedi, banking manager Arun Kumar Pathak and sub-assistant Balaram Yadav to custody.

Deposit Rs 2 million each was sought from other convict duo, members of the Accounts Committee, Sthir Mani Bajracharya and Om Prakash Chaudhary.

Bajracharya has been released upon the deposit Rs 2 million while Chaudhary is under the process.

It may be noted that charge sheets were registered against 41 cooperative leaders and employees at the District Court Banke under the cooperative cash embezzlement, fraud and organized crime cases.

Only four employees and two accounts committee members have been so far arrested whereas 35 convicts are still at large.

According to an investigation carried out by a team of experts formed by Banke Police, cash Rs 430 million out of total capital of the cooperative was found misappropriated.

Total 1,908 depositors and 1,860 share holders have registered application to the District Police Office Banke demanding return of their deposits and share amount as well as action against the guilty.