CB Lama, accused of embezzling billions worth of savings at Kantipur and Pashupati cooperatives, arrested

Setopati

Kathmandu, May 31

Police have arrested former chairman of Kantipur Savings and Credit Cooperative Chandra Bahadur (CB) Lama on fraud charges.

A team from the Kathmandu Valley Crime Investigation Office arrested Lama, who is also the chairman of Pashupati Savings and Credit Cooperative, on Friday.

According to Senior Superintendent of Police Sanuram Bhattarai at the Kathmandu Valley Crime Investigation Office, Lama was arrested from the Nepal-India border on Friday morning on the charge of embezzling funds amounting to billions of rupees from the cooperatives.

SSP Bhattarai said that Bhattarai was being brought to Kathmandu.

Lama is said to have embezzled Rs 8 billion worth of savings from the cooperatives, but police have received a complaint accusing Lama of embezzling over Rs 2 billion.

Kantipur and Pashupati, both the cooperatives Lama is associated with, have also been named in the terms of reference of the parliamentary probe committee formed recently by the government to investigate cooperative fraud.