The Samanata Savings and Credit Cooperative in Nepalgunj has closed down. The cooperative, which has been operating under the leadership of Gitenbdrababu Rai (G.B. Rai), has been accused of embezzling billions. So far, 32 depositors have filed complaints at the district police office in Banke, and the cooperative has been found to be short of 9 million rupees.
The police inspector (SP) Subaschandra Bohara has stated that the number of people filing complaints against the cooperative is increasing, and the amount of embezzlement has reached 9 million rupees.
Since 2076, eight people, including the cooperative’s director, G.B. Rai, have been arrested in connection with the fraud case, and they are currently on the run.
Furthermore, the cooperative has not returned the depositors’ money, and it has also stopped paying rent for the past 18 months. Western Business Group has also informed us that they have not received rent for the last 18 months.
Currently, the office of the cooperative has been sealed, and there is a police presence in the area.