DAMAULI, DECEMBER 5

Internal audit has revealed irregularities to the tune of Rs 27.3 million at Chhabdi Barahi Savings and Credit Cooperative. The cooperative is based in Bhadgaun, Byas Municipality.

Upon knowing the huge irregularities at their organisation, members of the cooperative participating in its third annual assembly and fifth convention in Bigyanchaur of Byas Municipality today were enraged and demanded that Manager Surendra Pantha and the management committee reimburse the misappropriated money.

Shareholders have accused Pantha of misappropriating the cooperative's fund in the names of fake people. He is also said to have issued loans at his whim, even to persons who didn't have account at the cooperative.

'The manager was found to have issued loans at his whim, without the decision of the loan committee, which was clearly wrong, so the manager must be held in custody until the loan is recouped,' said a member of the cooperative.

Following rumours of huge irregularity at the cooperative, Byas Municipality had started an investigation. In the investigation carried out by a chartered accountant, irregularity to the tune of 27.308 million rupees was revealed. 'While five million rupees was recouped following the revelation of the irregularity from the audit, in the case of other loans, the persons who received the loans were made to pledge in writing to pay them back,' Byas Municipality Mayor Baikuntha Neupane said.

Then Loan Committee coordinator Govind Pantha said the committee was unaware of the loans given to fake persons. 'We don't know how such a huge amount was distributed as loans randomly,' he said.

Meanwhile, tension remained high for almost the entire day today in the wake of the revelation of the irregularity.

A version of this article appears in the print on December 6, 2021 of The Himalayan Times.