KATHMANDU, June 27: Chairman of Shiva Shikhar Multi-Purpose Cooperative, Kedarnath Sharma, has been arrested for allegedly embezzling the depositors’ millions of rupees. 

The Central Investigation Bureau (CIB) of Nepal Police arrested him from western Nepal and brought him to Kathmandu. Additional details would be provided later today, according to Superintendent of Police, Nabaraj Adhikari. 

It was learnt that Sharma had been hiding in different parts of India. He had also established a cooperative in Morang. He is accused of duping depositors by investing the deposits in his personal company and firms illegally. 

The depositors had lodged complaints at CIB and Cooperatives Department against Sharma and other promoters after Sharma failed to release the deposits as demanded by the depositors.

 
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