KATHMANDU, June 2: The police have made public Chandra Bahadur Lama (CB Lama), 49, the former chairman of Kantipur Savings and Credit Cooperative, who was arrested for cooperative fraud and multiple banking offenses. A team from the Kathmandu Valley Investigation Office apprehended CB Lama on Friday after he was listed as a fugitive.
Following his arrest on Friday, CB Lama was made public at a police press conference today, where officials stated that he was arrested in Bharatpur, Chitwan. During their investigation, the police found that Lama had been residing in rental flats in Chitwan and Dhading, frequently moving from one rental to another.
Lama is implicated in four banking offense cases and cooperative fraud. He was listed as a fugitive in connection with three of these banking offenses. Since 1992, Lama had worked as a news collector for Oshin Advertising Media and later as a technical assistant supervisor at the Ministry of Local Development in the mid-1990s. During the arrest, police seized two samsung mobile phones, 1 Nokia phone, a basic AC set, and 6 SIM cards.
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A total of 852 Kantipur Savings account holders lodged complaints against CB Lama in mid-February after they were unable to retrieve their savings. Following the investigation, Lama, along with the chairperson of Kantipur Savings and Credit Cooperative, Himalaya Bikram Malla Thakuri, and 11 others, was found to have embezzled Rs 1.51 billion. Thakuri was arrested earlier in mid-February.
Police estimate that the number of victims will increase beyond 852 who have already filed complaints. According to these complaints, the cooperative embezzled amounts ranging from Rs 10,000 to Rs 25 million from account holders.
One account holder claimed that they have not received their savings of Rs 23.9 million, another reported not receiving Rs 18.2 million, and another depositor mentioned not receiving Rs 22.2 million. These complaints were filed after the account holders failed to retrieve their savings.
Police also said that more than half a dozen depositors had deposited over Rs 10 million each and have not received their funds. It has been found that CB Lama invested the cooperative’s funds in hotels, colleges, and hospitals.
