KATHMANDU, May 1: As cooperative fraud increases, billions of rupees in depositors' savings are at risk. The amount of fraud in the current Fiscal Year (FY) is on the rise.
From mid-July to mid-April in the current FY, cooperative fraud amounting to Rs 10.82 billion has been reported, according to Nepal Police.
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The police have filed 65 cases of cooperative fraud across the country and arrested 60 individuals so far. In the previous fiscal year, 110 cases were filed involving 1,164 defendants, but only 294 were arrested. Cases had been filed over cooperative fraud totaling Rs 11.68 billion.
In fiscal year 2022/23, fraud amounting to Rs 11.53 billion was reported from 93 cooperatives, with 761 individuals named as defendants. Of them, 553 are still on the run.
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