CIB gets files of eight cooperatives for investigation

By A Staff Reporter,Kathmandu, Feb. 14: The Central Investigation Bureau (CIB) has received files of eight cooperatives from the Cooperative Division under the Ministry of Cooperatives and Poverty Alleviation of Bagmati Province for detail investigation on them.

According to Superintendent of Police and Spokesperson for the CIB Sudhir Raj Shahi, over half a dozen of cooperative files have been brought to the CIB office from the Cooperative Division of the Bagmati Province requesting detail investigation which include some cooperatives operating within the Kathmandu Valley.

Cooperative Registrar of the Division Kumar Tamang also confirmed that they had handed over cooperative files after many financial irregularities were found as per the complaints of the victims. 

Tamang said the Division took the decision to submit the files to CIB after the accused cooperatives failed to respond to complaints from depositors, did not cooperate with the department, and could not present their financial records.

Among the cooperatives under investigation, Manjushree Savings and Credit Cooperative Limited, located in Gokarneshwar, Kathmandu, is one. A total of 76 complaints were filed against it, demanding the return of Rs. 65.58 million in savings.

The department stated that despite multiple complaints, the cooperative’s chairperson, Narayani Ghimire, did not participate in discussions, prompting the referral to CIB.

Similarly, the file of Jhingu Samaj Savings and Credit Cooperative Limited in Bhaktapur has also been sent to CIB. Five depositors had filed complaints demanding the return of Rs. 5.65 million from this cooperative, which is chaired by Janak Thapa.

Likewise, the file of Mukul Savings and Credit Cooperative Limited in Banepa has been forwarded to CIB. This cooperative, led by Chairman Suman Subba, faced complaints from 35 depositors, collectively seeking the return of Rs. 14.6 million in savings.

Legal Officer Manoj Gupta from the Cooperative Division said that these cooperatives ignored discussions regarding deposit returns and failed to cooperate, leading to further investigation by CIB.

Furthermore, the file of Delight Multipurpose Cooperative Limited in Lalitpur has been forwarded to CIB. A total of 46 complaints were lodged, demanding for Rs. 18.34 million in savings refunds. 

The cooperative’s management failed to coordinate with the department, leading to the investigation.

Additionally, Navajeevan Multipurpose Cooperative Limited in Bhaktapur, chaired by Dambar Dhoj Subba, has been referred to CIB after 47 depositors demanded the return of Rs. 10.12 million. The management had been unresponsive for a long time.

The file of Phalphul Savings and Credit Cooperative Limited in Kathmandu, chaired by Prakash Chandra Neupane, has also been sent to CIB. Two depositors had filed complaints demanding Rs. 15 million, and the cooperative failed to cooperate with the division.

In Lalitpur, the Lalitpur City Savings and Credit Cooperative Limited, chaired by Krishna Maharjan, is also under investigation. At least 48 depositors had lodged complaints demanding Rs. 22.79 million in savings refunds.

Similarly, the Pashupati Savings and Credit Cooperative Limited in Bhaktapur, chaired by CB Lama, is also under scrutiny after multiple depositors filed complaints for the return 

of their savings.

According to Article 20 of the Bagmati Province Cooperative Act 2076, cooperatives are required to adhere to cooperative principles and values. However, these cooperatives failed to comply with the regulations. Consequently, the Cooperative Division, Hetauda, decided to forward their files to CIB for further investigation, said Legal Officer Gupta.

Meanwhile, SP Shahi of CIB said that the Bureau will begin its process soon by studying all files with priority in the volume of financial irregularities. "We will first call them here at the CIB for cooperating in the investigation and queries; if anyone denies, we will seek arrest warrant against them to begin further investigation," said SP Shai.