Racketeers fleeced millions from ordinary people

KATHMANDU, DEC 25 -

It has been found that the racket involved in the good-for-payment-cheque scandal at H&B Development Bank cheated ordinary people out of millions of rupees by luring them to deposit money in the accounts of the racketeers offering high interest rates.

As the racketeers are currently at large, the depositors are wondering whether they would be able to cash the good for payment cheques that they were given while depositing the money. One of the victims, Bishnu Bhandari, deposited Rs 7 million in the account of one of the racketeers Jaya Kumar Yadav after the latter pledged 24 percent interest. Yadav, along with Manoj Chaurasia and Surendra Kumar Pradhan, were those who received such deposits from the ordinary people.

Bhandari had deposited the money that he received after selling his house at Bhaisepati. One of Bhandari’s friends had suggested him to deposit the money in Yadav’s account. “I deposited the amount on October 30 and 31,” he said. “The branch manager also assured me that there will be no problem. The manager said Yadav needed the amount just for showing bank statement as he was taking dealership of a foreign company.”

According Bhandari, people in his knowledge have deposited around Rs 100 million in the accounts of the racketeers.

Another victim, Gyanendra KC of Bhaisepati, had ‘temporarily’ deposited Rs 8.8 million that he had borrowed from H&B itself putting up his house as collateral. “Now, the good for payment cheque has bounced and I am not sure whether I will be able get back my money,” he complained. KC said that Yadav and Chaurasiya collected money from the ordinary people in the name of taking dealership of foreign companies.

The bank, however, has said the bank’s system does not have any record of the issuance of the good for payment cheques. When asked whether the cheque bearers would get back their money, H&B CEO Jasoda Sainju said it would be determined after the ongoing investigation completes.

The bank said in a statement issued on Monday that the cheque bearers, if found genuine during the investigation, would be paid after investigation concludes.

Source: The Kathmandu Post