KATHMANDU, May 14: The Kathmandu District Court has ordered the release of Nepali Congress (NC) Member of Parliament (MP) Maya Rai on a bail of Rs 1 million.
Judge Mahendra Bahadur Karki's bench ruled for the release. Rai was arrested on charges of embezzling funds from the Swarnalaxmi Cooperative located in Kalimati. After the statement and the hearing for her detention were concluded on Wednesday, the court granted the order for her release on bail.
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According to investigators, Rai served as a member of the Swarnalaxmi Cooperative’s board during the fiscal year 2016/17 and later as assistant secretary in 2017/18 and 2018/19. During her tenure, the cooperative disbursed unsecured loans and made illegal investments in unlisted institutions, resulting in significant financial losses.
The District Attorney’s Office stated that Rs 24 million was misappropriated while Rai held executive roles. Of this, Rs 8.9 million was embezzled during her term on the board. Investigators say the amount exceeded 10 percent of the cooperative’s capital — a violation of cooperative regulations.
A total of 20 depositors of the Swarnalaxmi Cooperative filed a complaint against Maya Rai and others. It was found that a total of Rs 3.73 million had been embezzled from these 20 depositors.
Authorities reopened the case after earlier criticism over her exemption from prosecution. Police arrested Rai from Kapan on April 26 after public backlash grew over her alleged involvement.
