Authorities have issued arrest warrants against 24 individuals, including GB Rai, in connection with an alleged large-scale fraud at the Swarnalakshmi Multipurpose Cooperative located in Kalimati, Kathmandu. The cooperative is accused of misappropriating approximately NPR 1.11 billion in savings from 645 members. Notable figures like Ravi Lamichhane and Chhabilal Joshi are also under investigation.

Key Points of the Case

• Financial Misappropriation: The cooperative allegedly diverted funds into 11 companies, including Gorkha Media Network, through illicit financial activities.
• Key Figures Involved: GB Rai, former Gorkha Media chairman, and Chhabilal Joshi, a former DIG of Nepal Police, along with former Managing Director Ravi Lamichhane, are prominent individuals implicated in the case.

The investigation began following reports last year but only gained momentum after parliamentary pressure and subsequent recommendations to bring those responsible to justice. The investigation intensified after both Lamichhane and Joshi were detained on related fraud charges in the Suryadarshan Cooperative case in Pokhara.

Scope of the Alleged Fraud
The Swarnalakshmi Cooperative amassed NPR 2.66 billion in deposits from over 6,600 members across its branches. Among these, 645 depositors have filed complaints, accusing the cooperative’s leadership of diverting their savings for personal or unauthorized purposes.

A recent parliamentary committee report named key suspects, leading the Kathmandu District Court to issue arrest warrants for 24 individuals. Investigative findings have revealed that funds were allocated to Gorkha Media Network and other enterprises under alleged false pretenses, including a car loan arrangement purportedly for the company. The investigation has also uncovered evidence of overdue loan amounts used for vehicle purchases and advancements to individuals under the guise of cooperative business.

In light of the mounting evidence, police have seized computers and cooperative records. The investigation is ongoing, with authorities collecting documents that could further substantiate the charges.