LUMBINI: The Parliamentary Special Investigation Committee on Misappropriation of Cooperative Deposits has revealed that Gorkha Media Network Chairperson Gitendra Babu (GB) Rai orchestrated a calculated entry into the Butwal-based Supreme Cooperative to misappropriate common people’s deposits.
The parliamentary and police investigations show that GB Rai’s entry into Supreme Cooperative was a deliberate move to exploit savings parked in the cooperative. The cooperative was originally registered as Maitreya Savings and Credit Cooperative in Butwal in 2000/01. Om Prakash Gurung, the current chairperson, served as the founding secretary, while the late Raju Gurung was the chairperson and Maya Gurung the vice-chairperson. Maya assumed chairperson duties following Raju’s passing. Before GB Rai’s takeover, the cooperative’s transactions were minimal.
GB Rai’s group entered the cooperative in 2015 and renamed it as “Supreme”. GB Rai assumed chairperson duties, while Om Prakash Gurung became vice-chairperson, GB Rai group’s Raju Baral became secretary and Dipesh Kumar Pun treasurer. GB Rai’s associates Devendra Babu Rai, Suraj Shrestha and Bhupendra Rai joined as members.
In 2019, Supreme Cooperative merged with Jay Ambe Multi-purpose Cooperative Institution of Rupandehi to expand operations. Following the merger, GB Rai transitioned to an advisory role, and Om Prakash Gurung assumed the chairmanship. New leadership included Asraf Ali as vice-chairperson, Dipesh Kumar Pun as secretary and Suraj Shrestha as treasurer. Additional members included Devendra Babu Rai, Bhupendra Babu Rai, Dinesh Roka, Buddhi Gurung and Mazhar Mohammad, while Coordinator Bhavishwar Aryal, and members Pau Bahadur Gurung and Indira Basyal were in the Accounts Committee.
After the merger, Supreme Cooperative expanded service centers to Bhairahawa in 2021 and Jitpur in Kapilvastu in 2022. GB Rai’s close aide Sagar KC was the manager of the cooperative.
Following complaints from 1,831 depositors, police have initiated a fraud case involving over Rs 1.31 billion. Cases were filed against former Chairperson GB Rai, current Chairperson Om Prakash Gurung, and other officials. The Rupandehi District Court has issued arrest warrants for 12 individuals, including Rabi Lamichhane and Chhabilal Joshi. The bench of District Judge Shyam Prasad Shrestha authorized their arrest for an investigation into the deposit misappropriation case.
The parliamentary committee’s report disclosed that Rastriya Swatantra Party (RSP) President and former Deputy Prime Minister, Rabi Lamichhane, has borrowed Rs 20 million from Supreme Cooperative. Lamichhane ranks 13th among the top borrowers of the cooperative. The largest loan, Rs 139.8 million, was disbursed to Spring Wood Real Estate, followed by Rs 112.6 million to GB Group of Company Pvt Ltd. Both companies are linked to GB Rai.
Chhabilal Joshi, Gorkha Media Network’s vice-chairperson and former Nepal Police DIG, secured a loan of Rs 25 million, while director Kumar Ramtel borrowed Rs 24 million. Major borrowers, mostly GB Rai’s close associates, account for 74.71% of the cooperative’s total loans, according to the report.
Likewise, collateral documents for loans totaling Rs 985.2 million are not available.
Meanwhile, Supreme Cooperative’s depositors fear they may not get their deposits back. They are demanding strict action against those who misused their hard-earned money. “We have faced injustice. Those who misused our money must be brought to book,” said Bijay Nepal, coordinator of the Supreme Victims Struggle Committee.
