It has emerged that complaints were filed against former chairman of Kantipur Savings and Credit Cooperative Limited Chandra Bahadur Tamang, also known as CB Lama, accusing him of fraud amounting to more than Rs 1.51 billion.
A team from the Kathmandu Valley Crime Investigation Office arrested Tamang from Bharatpur of Chitwan on Friday.
Police made him public at a press conference held on Sunday.
The 49-year-old Tamang hails from Kavre and has been living in Western Apartment at Balkumari, Lalitpur.
He has been accused of embezzling billions worth of funds of Kantipur Savings and Credit Cooperative and Pashupati Savings and Credit Cooperative.
The Kathmandu District Court had issued an arrest warrant for Tamang on March 3.
The Baneshwar Police Circle had carried out investigation into Kantipur cooperative. On May 28, it had requested the Kathmandu Valley Crime Investigation Office to arrest Tamang.
Senior Superintendent of Police Sanuram Bhattarai said that police arrested Tamang from Chitwan and brought to Kathmandu.
According to police, 852 people had filed complaints against Tamang earlier seeking claims of Rs 1.51 billion.
Police expect the amount to increase with another 100 people also filing complaints against him.
According to police, claims amounting to Rs 120 million have also been sought from Pashupati cooperative, of which Tamang is the chairman.
On July 17 last year, 54 people had filed an application at the Crisis-ridden Cooperatives Management Committee. The Central Investigation Bureau (CIB) of Nepal Police is investigating the matter.
According to police, Tamang started working as a news collector at Oshin Advertisement Media in 1992. He then worked for eight months as an overseer at the then Ministry of Local Development in 1995.
He was the chairman of Kantipur cooperative from 1998 to January 9, 2020. He left the cooperative after the government brought a new rule prohibiting an individual from becoming the chair of two cooperatives.
Tamang had established Pashupati cooperative in 1998 itself. He also became the chairman of Kantipur Hospital in 2002 and had been operating Kantipur Academy of Health Science at Tinkune, Kathmandu.
According to police, four cases have already been filed against Tamang for banking offenses and he has been named as a fugitive in three.
Police are preparing to send him to the Baneshwar Police Circle first for further investigation, and then to the CIB for investigation related to Pashupati cooperative.
