Distressed Krishi Savings and Credit Cooperative begins partial refunds to depositors in Bhaktapur
Summary
The distressed Krishi Savings and Credit Cooperative in Bhaktapur has started partial refunds to depositors with claims up to 10,000 rupees, following investigations into alleged misappropriation of funds.
Key Points
- The Krishi Savings and Credit Cooperative in Bhaktapur was declared distressed and has begun partial refunds to small depositors.
- A management committee led by former judge Binod Mohan Acharya oversees the refund process and investigation.
- About 220 million rupees were claimed by 538 depositors, with only 70 million disbursed as loans and 150 million allegedly embezzled.
- Recovered assets include 4.5 million rupees and disputed land of 500 ropanis obstructed by squatters in Jhapa and Morang.
