KATHMANDU, August 5: The Department of Cooperatives (DoC) has recommended the government to declare Gautam Shree Multipurpose Cooperative as ‘problematic’.
Issuing a press release on Thursday, the DoC has said that it wrote to the Ministry of Land Management, Cooperatives and Poverty Alleviation to declare the Gautam Shree as a problematic cooperative. According to the DOC, it has filed complaints of over 1,100 depositors who failed to get back their deposits worth over Rs 1.75 billion.
Gautam Shree Cooperative accused of swindling depositors’ money
Gautam Shree was found breaching the Cooperative Act 2017 and functioning against the welfare of its members. The DoC said that it wrote to the cooperative’s Chairman Ram Bahadur Gautam and officials concerned for necessary clarification after a number of depositors filed complaints at the department. “However, none of them have come in contact so far,” reads the DoC’s press statement.
The DoC also wrote to the government authorities concerned to put on hold the transaction of land and properties owned by Gautam and his wife Nirmala Khatri Gautam. Gautam Shree Cooperative reportedly landed in financial trouble due to excess lending in realty businesses.
