Crystal Cooperatives chairman, board member sent to judicial custody

KATHMANDU, July 28:

Kathmandu District Court on Monday sent chairman and a board member of Tinkune-based Crystal Multi-purpose Cooperatives to judicial custody on the charge of misappropriating public´s deposits.

A single bench of Judge Kul Prasad Sharma sent the cooperative´s Chairman Ram Kumar Rai and board member Abhishek Rai to judicial custody after they failed to furnish the bail amount as demanded by the court. Ram Kumar and Abhishek are siblings.

The court had sought bail amount of Rs 5 million each.

Chairman Rai and six board members of the cooperatives were absconding after misappropriating deposits of nearly 1,000 persons. Police had swung into action after nine depositors filed complaints against chairman Rai and other board members. They had misused Rs 12.4 million.

District Attorney´s Office, Kathmandu, had filed cases against seven board members, including chairman Rai, at the district court on fraud charges following the investigation into the complaints filed by the victims.

Other board members are at large, according to the police.

Earlier in June, the office of the cooperatives was padlocked by the house owner after the cooperatives stopped paying rent.

Source: Republica