Balram Pathak, chairman of Gatisheel Savings and Credit Cooperative in Imadol, Lalitpur, has been arrested.
According to Superintendent of Police Gautam Mishra of the District Police Range, Lalitpur, Pathak was arrested on Sunday.
SP Mishra said that Pathak is currently accused of embezzling more than Rs 40 million from the cooperative.
“The amount has been determined based on the complaints received so far. More victims are still coming forward, so the claimed amount is likely to increase,” he said.
Police are also searching for other individuals accused of misappropriating savings of the cooperative.