Kathmandu. Kedarnath Sharma, the former chairman of Shivshikhar Cooperative Society Ltd., who was accused of embezzling billions of dollars, has been arrested. Sharma, who was hiding in various places, was arrested by the Central Investigation Bureau (CIB) of Nepal Police in Mumbai, India on Monday. CIB SSP Dinesh Acharya informed that Sharma has been arrested and the investigation process in the fraud case has been taken forward.
SSP Acharya informed that Sharma’s wife Geeta Sharma was arrested earlier in this case from Biratnagar. Shiv Shikhar Sahakari has 35 service centers across the country with its central office in Bhaktapur. The first service center has been operational since October 1, 2016, in Persang, Pokhara. More than 27,000 savers have 8.55 million deposits in this cooperative. Contrary to the objectives of the cooperative, the depositors have not been able to withdraw their own money since more investments have been made in the purchase and construction of physical structures.
After receiving a complaint about the embezzlement of the money of the borrower in Shivshikhar Multi-Purpose Cooperative, the CIB issued a notice on June 1 last and asked the person involved in the embezzlement to file a complaint with evidence.
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