KATHMANDU, May 25: The Department of Money Laundering Investigation (DoMLI) has prepared a case against Kedarnath Sharma, the chairman of Shiva Shikhar Multi-Purpose Cooperative, for allegedly misappropriating over Rs 33 billion of public deposits from various cooperatives.
Sharma, along with eight others, including his wife Geeta, is currently in police custody on charges of misusing cooperative funds. A claim of Rs 32.90 billion has been outlined in a report prepared by the DoMLI for filing the case against their company.
The report prepared by the DoMLI has been sent to the District Government Attorney's Office in Bhaktapur. According to the DoMLI's report, a compensation of Rs 22.81 billion has been claimed from the main accused Sharma, while Rs 523.3 million has been claimed as compensation from his wife, Geeta Sharma.
Additionally, a compensation of Rs 9.56 billion has been claimed against companies registered under the names of various individuals, including Sabina Neupane, Mandip Khawas, Tej Bahadur Tamang, Pushkar Mall, Sushil Baniya, Pradeep Bhattarai, and Kedar Sharma and Geeta Sharma. Although cases have been filed against various individuals, Sharma has been identified as the main accused. The DoMLI has stated that Sharma has unlawfully earned assets.
The DoMLI has demanded double punishment and confiscation of assets, considering the severity of the offense and the amount involved. This could range from 2 to 15 years of imprisonment and confiscation of assets upon conviction. It has been indicated that a penalty of up to five times the individual's rights and double punishment in terms of assets can be imposed.
The DoMLI has alleged that Sharma misappropriated billions of rupees under the names of Shiva Shikhar and Tulsi Savings and Credit Cooperative in more than 35 districts of the country by expanding its branches. Sharma is accused of illegally acquiring funds through the misuse of cooperative funds, leading the DoMLI to initiate legal proceedings against him.
Despite the Central Investigation Bureau of Nepal Police conducting an investigation into Sharma's misuse of cooperative funds, the DoMLI has not identified the sources of the acquired assets after a probe, prompting the initiation of legal proceedings.
Sharma has been accused of setting up about a dozen companies, such as Shikhar Organization and Shiva Shikhar Agro, and misappropriating around Rs 5.13 billion through artificial loans. Companies like Garden Mart, Tulsi Motor Pump, Tulsi Research Center, and Tulsi Rice and Chura Industries, among others, have been implicated in misappropriating approximately Rs 1.16 billion through artificial debt.
Sharma, along with the leadership of Shiva Shikhar and Tulsi cooperatives, has submitted applications to the Problematic Cooperative Management Committee, demanding over Rs 11 billion. The panel has indicated that the applications are being processed sequentially.
Investigations have found that Sharma's private company has engaged in business activities both within the country and abroad. Sharma has established companies in Yangon, Myanmar, named New Golden Everest, and in India, registered as Nepashikhar Organization India Limited. Sharma has also acquired a loan of about Rs 5 billion from the bank.