KATHMANDU, Jan 20: The number of unreliable cooperatives in Bagmati Province continues to rise. Recently, the provincial government declared three more cooperatives as crisis-ridden, bringing the total number of such cooperatives in the region to five.
According to the Ministry of Culture, Tourism, and Cooperatives of the Bagmati Province Government, Sumeru Saving and Credit Cooperative in Pulchowk, Lalitpur, Laligurans Savings and Loan Cooperative in Kathmandu, and National Namobuddha Savings and Loan Cooperative in Kathmandu have been flagged as problematic.
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These cooperatives were declared problematic due to their failure to meet financial obligations, refusal to return savers' deposits upon request, and non-compliance with action plans developed to address these issues. Among these, Laligurans and National Namobuddha cooperatives have been locked, as per Pokharel's statement.
Earlier, two cooperatives, Civil Savings and Credit Cooperative in Kathmandu and Darshan Savings and Loan Cooperative in Kirtipur, were also declared problematic. Darshan Cooperative was flagged on 28 October, while Civil Cooperative was declared problematic on September 7, 2023.
More than 137 cooperatives across the province have faced complaints from savers over non-refunded deposits, and investigations into these complaints are underway. According to the ministry, letters have been dispatched to the police to take action against the directors of 80 of these cooperatives.
"We have requested the district police offices to take action against cooperative directors who have failed to return savers' funds and have not responded to our letters seeking resolution. Most of the cooperatives flagged for police action are located in three districts within the valley,” the ministry said.
The ministry, furthermore, added that it has contacted the directors of the concerned cooperatives after victims complained about not getting their savings back. Some directors have been unresponsive or reluctant to return the money. As a result, the ministry has asked the district police offices to take action.
