Chandra Bahadur Tamang Arrested for Alleged 1.5 Billion Fraud Scheme

Chandra Bahadur Tamang, also known as CB Lama, was publicly apprehended by the police in Kathmandu on Sunday, amid allegations of his involvement in a massive cooperative-related fraud worth 1.5 billion rupees. The arrest, announced during a press conference at the Kathmandu Valley Crime Division by SSP Sanu Ram Bhattarai, marks a pivotal moment in the investigation into financial malpractice.

Lama stands accused of orchestrating a fraudulent scheme that siphoned off funds from depositors of Pashupati Saving and Credit Cooperative, along with its subsidiary entities. According to SSP Bhattarai, complaints against Lama have been filed by a staggering 852 individuals from Kantipur Saving and Credit Cooperative and an additional 54 from Pashupati Saving and Credit Cooperative.

The police divulged that Lama had been evading authorities since the case was registered at the New Baneshwor Police Office three months ago. His capture on May 31 in Chitwan culminated in a highly anticipated breakthrough for law enforcement agencies.

In response to his public arrest, Lama vehemently denied the accusations leveled against him, asserting his innocence and demanding fair treatment under the law. Notably, Lama had recently resigned from his position as Chair of Kantipur Cooperatives following the implementation of a regulation prohibiting individuals from simultaneously chairing two cooperatives. His tenure as the chairman of Kantipur Cooperative spanned from 2055 BS to 2076.

The police have hinted at ongoing investigations into Lama’s purported involvement in various banking irregularities across multiple jurisdictions. It has come to light that Lama is also wanted in connection with three other pending cases, further complicating the legal landscape surrounding his alleged misdeeds.