#news #fraud #cooperative #Nepal
The Central Investigation Bureau (CIB) has recently made a significant breakthrough in a case involving Mitre Savings and Credit Cooperative Limited, where a substantial sum of money was embezzled by a fugitive named Jyotibahadur Bhandari. Bhandari, who had fled after committing the fraud, was apprehended in Cambodia and brought back to Nepal for further investigation.
According to the police, a team arrested the 42-year-old Bhandari in Cambodia and brought him back to Nepal on Wednesday night. The case involves the embezzlement of over Rs 140 million from the cooperative, affecting 144 depositors and officials. Former managing director Jyoti Gurung, who is currently at large, is reported to have taken the money abroad and gone into hiding. A ‘Red Notice’ was issued by the police against him in October last year.
Gurung, the former manager of Mitre Savings and Credit Cooperative, allegedly misused the funds, some of which were intended for depositors in Thailand. It has been reported that Gurung had promised to return the money, but communication between him and the cooperative officials revealed discrepancies. Additionally, Bhandari is said to have obtained citizenship and travel documents from Kaski and Bardia using falsified information, which were also used for two other individuals.
Investigations have revealed that Bhandari altered the details of other individuals’ citizenship and travel documents, using fictitious identities to commit fraud. The police have informed that these falsified documents were used to deceive individuals in relation to citizenship and travel rights.
Opinion from Ramesh Khatri, representative of Kansai Nepal News:
“The recent apprehension of the main suspect in the Mitre Savings and Credit Cooperative fraud case is a significant development in combating financial crimes in Nepal. It is essential for authorities to investigate such cases thoroughly to prevent further occurrences of fraud within the cooperative sector.”
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Author: MAYA | HARUTO
Posted at: June 19, 2025 7:00 pm
