June 27: Chairman of Shiva Shikhar Multi-Purpose Cooperatives, Kedarnath Sharma, has been arrested for embezzling millions of rupees of the depositors.    

The Central Investigation Bureau (CIB) of Nepal Police arrested him from western Nepal and brought him to Kathmandu. Additional details would be shared later, according to Superintendent of Police Nabaraj Adhikari.    
The police had received information that Sharma had been hiding in different parts of India. They were able to nab him when he arrived in western Nepal recently.

He had also established a cooperative in Morang. He is accused of duping depositors by investing the deposits in his personal company and firms illegally.   

The depositors had lodged complaints against Sharma and other promoters at the CIB and the Department of Cooperatives after Sharma failed to return the deposits upon their demand.

Lately, many cooperatives have turned problematic due to investment in unproductive sectors and lack of proper monitoring. -- RSS