January 9: Police have arrested the manager and staff of Gokarna-based Kantibhairav Savings and Credit Cooperative Pvt Ltd for embezzling savings of the depositors.    
Metropolitan Police Circle, Bouddha, arrested Chairperson of the Cooperative, Hari Krishna Shrestha of Gokarneshwor municipality-4, former Chairperson and patron, Prem Shrestha, Treasurer Sher Lal Shrestha and Manager Rajendra Shrestha.     
All of them have been kept at Gokarna Police Sector building under the Circle, said Senior Sub-Inspector at the Sector, Rajesh Karki.    
Meanwhile, Ram Das Shrestha, secretary of the cooperative’s Board of Directors, members Anirudra Shrestha and Radheshyam Shrestha as well as coordinator of the Account Committee, Chandra Prasad Poudel have been absconding. Police have issued arrest warrant in their names.    
Proprietors of the cooperative have embezzled Rs 1.21 billion of 7,700 depositors, said chairperson of the taskforce under the Cooperative Victim Struggle Committee, Rajesh Kumar Bista.    

PM instructs Finance Ministry to bring concrete proposal on failing cooperatives   

Prime Minister Pushpa Kamal Dahal has instructed the Ministry of Finance to come up with a concrete proposal for the systematic resolution of the problems faced by the depositors of cooperatives, as hundreds of thousands of them have suffered of late.    
During an interaction at the Office of the Prime Minister and Council of Ministers on Monday, the Prime Minister directed to submit an appropriate proposal to take concrete measures to troubleshoot the challenges that cooperatives are facing.    
"Hundreds of thousands of depositors have suffered since the problems of the cooperatives have not been addressed. They are left stranded," the PM said asking the Finance Ministry to come up with a concrete proposal.