Former chairman of Kantipur Savings and Credit Co-operative, CB Lama, arrested for alleged embezzlement

KATHMANDU, May 30: Former chairman of Kantipur Savings and Credit Co-operative, CB Lama, has been arrested by law enforcement authorities. 

Lama was taken into custody by a team from the Kathmandu Valley Crime Investigation Office of Nepal Police. Allegations suggest that Lama, along with a group of individuals, misappropriated deposits totaling Rs 8.59 billion of Kantipur Pashupati Savings. 

The current chairman of Kantipur Savings and Credit Co-operative, Himal Vikram Malla, has already been arrested. In a separate incident in Feb 2024, Malla was arrested and is facing legal proceedings by the police circle in New Baneshwor. Presently, over 350 depositors have lodged complaints against the members of the board of directors of Kantipur Savings and Credit Co-operative.