KATHMANDU, May 9: The Employees’ Provident Fund (EPF) has finally stepped up efforts to take the CTC Mall of Sundhara, Kathmandu to auction. The property is owned by Ichchha Raj Tamang, chairman of Civil Group who is currently in police custody, on the charge of swindling nearly 1,500 people out of over Rs 5.5 billion, and an investigation is underway.

Issuing a 35-day notice on Monday, the EPF called on the interested group to bid for the aforementioned property belonging to Tamang-owned Civil Estates Pvt Ltd. In a public notice, EPF has sought to sell the shopping mall, which houses space for 132 business outlets.

According to the EPF, it has gone into action against Tamang who declined to pay the loan amount along with the interest to the government’s financial entity. EPF is one of the main creditors of Tamang, who ambitiously stepped into diversifying his business. The mall spreads over a land area of 82,095 square feet at one of the prime locations of the Kathmandu Metropolitan City.

Tamang, who is now in jail, has been charged with embezzling more than Rs 5.5 billion of over 1,500 depositors of Civil Savings and Credit Cooperative Society Limited. Through a public notice issued in November, the EPF asked Tamang to clear all the outstanding dues on time or face the liquidation of his fixed assets.

 
• EPF
 
• Tamang
 
• auction