Gautam Shree Cooperative accused of swindling depositors’ money

Published On: July 30, 2022 06:45 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, July 30: Gautam Shree Multipurpose Cooperative of Kathmandu is accused of not returning the money deposited by its members as directors of the cooperatives are suspected to have embezzled the depositors’ money.

According to the Department of Cooperatives (DoC) it received complaints from more than 200 depositors against the cooperative on Friday. The DoC’s Information Officer Tolraj Upadhyaya said the victims have complained that the cooperative Chairman Ram Bahadur Gautam and General Manager Rabindra Bista, among others, fled away with the depositors’ money.

The depositors landed to panic after Everest Bank sealed the cooperative office in Kuleshwor on Thursday. Upadhyaya said they however have not received any written complaints from the victims. According to him, the department wrote to the Nepal Police Headquarters requesting to freeze all the transactions and property of the cooperatives. 


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