Former Chairman of Kantipur Savings and Credit Cooperative Arrested on Fraud Charges

The former chairman of Kantipur Savings and Credit Cooperative, Chandra Bahadur (CB) Lama, has been arrested on charges of large-scale financial fraud. Lama, who also serves as the chairman of Pashupati Savings and Credit Cooperative, was apprehended on Friday by a team from the Kathmandu Valley Crime Investigation Office.

Senior Superintendent of Police Sanuram Bhattarai confirmed the arrest, stating that Lama was detained at the Nepal-India border on Friday morning. He is accused of embezzling funds amounting to billions of rupees from the cooperatives under his management.

“Lama is being brought to Kathmandu for further investigation,” SSP Bhattarai said. Initial reports indicate that Lama misappropriated Rs 8 billion worth of savings from the cooperatives. However, the police have so far received complaints alleging that he embezzled over Rs 2 billion.

Both Kantipur and Pashupati cooperatives, associated with Lama, have been implicated in a broader investigation by a parliamentary probe committee recently formed by the government to address cooperative fraud.