KATHMANDU, Sep 1: The problematic Civil Savings and Credit Cooperative will be forming a special committee that will aim at returning money of the depositors of the cooperative.

In regard to solving the ongoing problem, the cooperative’s members have called a special general meeting on September 16. The meeting is set to form a high powered task force to look after the depositors’ money.  

A discussion held among representatives from the Ministry of Land Management, Cooperatives and Poverty Alleviation and the Department of Cooperatives (DoC) and suffered depositors of the Civil Savings and Credit Cooperative decided to form the task force. The task force will form a working guideline to ascertain the amount of individual depositors and assess the valuation of the fixed and movable assets of the problematic cooperative, informed an official at the DoC.  

The High Court, Patan in November last year, issued an order to the government authorities to initiate a process to return the money of Civil Cooperative’s depositors. Earlier, the Special Court had issued an order to send former Civil Cooperative Chairman Ichchha Raj Tamang to jail.

After Civil Cooperative failed to pay back money of the member depositors, cases have been filed against the cooperative operators for embezzling around Rs 9 billion of the depositors. Tamang has been accused of amassing illegal assets and fraud worth totaling over Rs 3.31 billion. Similarly, cases have also been filed against his wife Srijana Shakya Tamang and against daughters Pratikchya Tamang and Pratistha Tamang.

A total of 1,499 depositors filed complaints against Tamang. He was found unlawfully investing more than Rs 8 billion of the money deposited in the cooperative in his 21 various other companies.

 
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