December 6: Four cooperatives in Bauddha-Jorpati area have turned problematic. Some of them have even closed their offices. Those who are still operating are not able to return the full deposits of the customers.

The problematic cooperatives include Sumo Savings and Cooperative, Bauddha-6, Mukti Savings and Credit Cooperative, Gokarnashwar-6, Manjushree Savings and Credit Cooperative, Jorpati-5, and Sworna Laxmi Savings and Credit Cooperative, Gokarnashwar-5.

Jorpati-based police beat informed New Business Age that and Sworna Laxmi Savings and Credit Cooperative has already removed its board.

The depositors of Mukti Savings and Cooperatives have reached an understanding with the board members of the cooperative after they agreed to return the deposits. The two sides reached such understanding at the ward office in the area where the cooperative had been operating.

The depositors said that the cooperative agreed to return back their money at the initiative of ward chairman Navaraj Lama.

Kabindra Adhikari, who runs a mobile shop in front of Manjushree Cooperative, says that he is doubtful if the cooperative will return back their money because the board members often pledge to return the amount but never keep their promise.

Most of these cooperatives have stopped receiving calls from the customers.

Other depositors are alarmed because Manjushree Cooperative has remained closed since the past three months. The customers who reach the cooperative to withdraw their deposits have found notice posted on the office since August stating that the cooperative needs some more time to return the money. However, the cooperative is yet to return the money.

As the cooperative did not return the money on Sunday, after postponing the date several times, the depositors staged a sit-in at the main crossroads of Jorpati for two hours. Chariman of the cooperative Indra Lama and other board members did not receive phone calls.

Another customers Umesh Khatiwada said that it has been seven months since the cooperative stopped returning their money.

“They closed the office after Dashain,” he added.

After the operators of the cooperative did not pick up the phone, the depositors reached the house of Chairman Lama.

Lama said that the cooperative was unable to return the money because the borrowers were yet to pay the loan. He said that the cooperative owes Rs 110 million to the depositors while it has given out loans of Rs 70 million. It has a building worth Rs 50 million and a total capital of Rs 130 million. Therefore, Lama assured that the cooperative will pay back the depositors anyhow.

One of the depositors Shyam Lama says that they are in trouble because the government authorities responsible of looking after the issues related to cooperatives failed in effective monitoring the cooperatives.