Himal Press 
KATHMANDU: The Central Investigation Bureau (CIB) of Nepal Police has concluded that Kedar Nath Sharma, the outgoing chairman of Shiv Shikhar Multipurpose Cooperative, embezzled over Rs 11.5 billion of depositors’ money.
Following its investigation, the CIB determined that Sharma, who is also the chairman of Morang-based Tulsi Multi-purpose Cooperative Society and a director of Shikhar Organization, misappropriated funds deposited by individuals in various cooperatives.
Sharma, who had been on the run after being accused of misusing depositor’s money, was arrested in Nepalgunj on June 26 .
The CIB has initiated an investigation against Sharma and his group on allegations of misappropriating funds deposited in different cooperatives.
Shiv Shikhar Multi-Purpose Cooperative, headquartered in Bhaktapur, has 168,725 depositors. The cooperative collected deposits by establishing service centers and cooperative branch offices in 35 districts. Sharma and his group are accused of embezzling Rs 10.77 billion of depositor’s money parked at the cooperative.
Likewise, Sharma and his group misappropriated Rs 1.77 billion of funds deposited in the Morang-based Tulasi Multipurpose Cooperatives.
Going against the Cooperative Act and Cooperative Regulations, Sharma was found to have loaned depositors’ money to more than 43 companies promoted by individuals close to him. Additionally, the CIB investigation revealed that he acquired land plots and motor vehicles under the names of individuals associated with him.
