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Wednesday, April 3, 2019

Police arrest Oriental chief Basnet

Kathmandu, April 3

Police today arrested Sudheer Basnet, chief of Oriental Cooperative, which went bankrupt in 2013 after its promoters including Basnet unlawfully invested depositors’ fund in different sectors.

The Teku-based Metropolitan Police Range arrested Basnet from Bhimsengola this evening on charge of fraud, informed Basanta Lama, chief of the police range.

“We arrested Basnet on the basis of a recommendation from the government-formed committee to investigate fraud details on ‘Oriental Cooperative’ issue,” informed Lama, adding that Basnet was caught hiding in one of his kin’s house in Bhimsengola.

Earlier, the government had formed the Problematic Cooperatives Wealth Management Committee led by Gauri Bahadur Karki to deal with matters related to Oriental Cooperative and also with the matter of compensating the depositors who lost their savings at the cooperative, which went bankrupt after it invested depositors’ money in real estate and other projects that later crashed.

from Business – The Himalayan Times https://ift.tt/2ONyaG9

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