The Central Investigation Bureau of Nepal Police has made public Kedar Nath Sharma arrested on charge of embezzling over Rs 11 billion deposited in various cooperatives.
Sharma, outgoing chairperson of Shiva Shikhar Multipurpose Cooperative, Kaushaltar, Bhaktapur, runs Shikhar organisation. He is also sitting chairperson of the Tulasi Multipurpose Cooperative in Morang.
A group of people including Sharma has been charged with misappropriating over Rs 10.7 billion deposited in the Shiva Shikhar Cooperative by its 168,725 clients across 35 districts in the country.
Likewise, he has been accused of embezzling over Rs 1.5 billion deposited in the Tulasi multipurpose cooperative by its 21,154 clients by issuing loans to various 43 companies that have been registered with his relatives in violation with the existing cooperative act and rules, said Superintendent of Police Nawaraj Adhikari.
A CIB team arrested Sharma from Nepalgunj on June 26 on the same charge.
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