Over cooperatives on the verge of failure due to lack of oversight
More than savings and credit cooperatives across the country are not in a position to return depositors’ money, say cooperative victims.
Harish Chandra Shrestha, coordinator of the National Campaign for the Protection of Cooperative Depositors, said these cooperatives have embezzled hard-earned savings worth Rs 65bn from hundreds and thousands of depositors.
According to the Department of Cooperatives, there are more than 32, cooperative organizations across the country. These organizations have mobilized deposits from million members and have a combined share capital of Rs 94bn. Likewise, they have mobilized Rs bn in deposits and invested Rs bn in loans.
“Many of those who embezzled people’s money parked in cooperatives are now affiliated with different political parties. Some have fled the country,” Shrestha said. “Most of the promoters of cooperatives are affiliated with one party or another. They become lawmakers and formulate laws that suit them. That is why the voices of cooperative victims go unheard.”
16 cooperatives ‘troubled’, Rs bn at risk
Dozen
Court releases Sudhir Basnet on bail
KATHMANDU, FEB 04 -
District Court, Kathmandu on Sunday released businessman Sudhir Basnet on bail. Basnet was in police custody on charge of financial fraud.
A single bench of justice Bhoj Raj Adhikari released him by securing a bail amount of Rs ,, of which Rs , was for the case related to alleged fraud of Rs 80 million, while Rs , was for another charge related to Rs million fraud.
The police had arrested Basnet on complaints that he failed pay interest of loans taken from banks, repay depositors of Oriental Cooperative, and ensure availability of apartment in projects he has promoted for the people who had placed bookings.
Basnet’s woes began with recession in realty sector, hitting his entire business. He was facing mounting pressure from the people who had booked apartment in his housing projects after he failed to deliver them on time.
Several of the cheques he issued had also bounced. After his failure to clear his liabilities, the government lawyer had filed a case against has promoted about two dozen housing and apartment projects, but most of them are incomplete. Given the banks not extending further loans, he failed
Police today evening arrested builder and Agni Air promoter Sudhir Basnet on charges of fraud.
"We have arrested Basnet from Tinkune in Kathmandu on complaints from his nine clients, whom he promised flats in his apartments being promoted by him," confirmed a police officer from Metropolitan Police Crime Division, Hanuman Dhoka.
Basnet, who had promised flats to around 1, people in 10 of his housing projects like Oriental Apartments, Kohinoor Housing and Eastern Apartments, was unable to deliver due to slowdown in housing business and lack of cash flow to complete construction of the apartments.
Basnet, who had also been blacklisted by the Credit Information Bureau (CIB) as he was unable to pay loan to the banks, also have to pay over billions to Oriental Cooperatives' depositors, who have been making rounds of his office since last couple of months.
He had invested depositors&#; money from Oriental Cooperatives to the housing projects against the cooperatives and central bank's banking regulation.
Likewise, three banks and financial institutions have yesterday put Agni Air, owned by him, for auction as the airlines failed to meet the loan repayment deadline that was
Cooperatives leave Nepalis high and dry
On 2 January , Sita Adhikari (pictured above) was sitting in Narayan Chaur in Kathmandu, worrying about the Rs, that she had deposited at Oriental Cooperative. She had saved the money to see through her old age, but it is now all gone.
“I think I will die without getting that money back,” she said, chin resting on the palm of her hand.
Adhikari is originally from Nuwakot, and spent her life alone and without any support. She was married in when she was 11 and her husband died three years later. In , she came to Kathmandu, leaving everything behind. Now, she works in a household in Naxal.
She had received Rs, as part of her husband’s property, adding another Rs, that she had saved and deposited the total amount in Nepal Bank Limited. After a kin told her that the Oriental would provide her a better interest rate, she deposited her money there.
By the time she learned that this was a bad decision, it was already too late. When she needed money for medicine, she reached out to the cooperative. But the branch office was locked up. She has spent a decade since trying to get that money back.
“It was all I had, the crooks stole it from me
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