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Nepal

Kedarnath, who cheated Shivshikhar’s 16 billion, cleaned the assets of 33 billion

11 June, Kathmandu. It has been found that Kedarnath Sharma, the owner of Shivshikhar Multi-Purpose and Tulsi Savings and Credit Cooperatives, embezzled 16 billion rupees deposited by savers and doubled it. This fact was found out from the investigation conducted by the Asset Laundering Investigation Department.

It is alleged that he embezzled more than 14 billion rupees from the savers of Shivshikhar Cooperative of Bhaktapur and about 2 billion of Tulsi Cooperative of Biratnagar. A case is going on against him who has expanded branches in 37 different districts of the country and defrauded cooperatives.

The investigation of the department has shown that he, his wife and other partners embezzled the funds of the cooperative by transferring it to their personal accounts and companies.

The department concluded that Kedarnath Sharma alone had laundered the most of that wealth amounting to 21.82 billion rupees. Similarly, it has been seen that 9 billion 56 crore rupees have been laundered through the company registered in the name of him and his wife Geeta Sharma.

In addition, the investigation of the department has shown that Mrs. Geeta Sharma has laundered assets worth Rs. 32333 million. The department has sent a report to the district attorney’s office, Bhaktapur, to file a case against the Sharma couple as the main culprits.

The report states that a total of 32 billion 900 million rupees 52 lakh 52 thousand rupees has been claimed against them and double the penalty should be claimed. Also, it has been seen that they can be imprisoned for 2 years to 15 years depending on the amount of the crime. It is mentioned in the report of the department that they should be punished by an additional 10 percent and the cleaned bago should be confiscated.

The department has mentioned that the husband and wife used a legal person as a washing machine to cleanse their property. In which it is demanded to be punished up to five times the punishment of a natural person and confiscation of property.

Also, in this case, the department says that Savina Neupane, Mandip Khawas, Tej Bahadur Tamang, Pushkar Malla, Sushil Baniyan, Pradip Bhattarai and others should also be filed as accomplices.

Savina Neupane is the secretary of Biratnagar Tulsi Cooperative and Mandeep Khawas is the manager. Similarly, Tej Bahadur Tamang is the secretary of Shivshikhar Cooperative, the owner of Pushkar Mall and Sushil Baniyan is the Chief Executive Officer (CEO).

What about Shiva Shikhar episode?

He, who was cheating through Shivshikhar in Bhaktapur, made his own employee Sushil Baniyan the president of that organization and became the president of Tulsi Cooperative in Biratnagar. Regarding the fraud of more than 16 billion in both cooperatives Online newshad published the news last year.

The savers filed a complaint in the troubled cooperative management committee demanding more than 11 billion in two institutions. Complaints are still coming to the committee.

The investigation of the Central Investigation Bureau (CIB) of the police revealed that the amount raised from the savers was embezzled through a private company.

His company was importing agricultural produce and machinery from India and Myanmar. CIB’s investigation showed that the purchase price of imported goods was higher than the actual value, which led to capital flight.

Based on the CIB’s investigation, the Public Prosecutor’s Office Bhaktapur registered a case of ‘cooperative fraud and organized crime’ on 18 May 2080 against Sharma and other co-operative directors and employees. In 37 districts including Bhaktapur, cases have been filed against two co-operative frauds.

At that time Kedarnath’s wife Geeta Sharma and two members of the board of directors Pushkar Malla and Amis Rajbhandari were arrested. Later, the CIB arrested Sharma, investigated and submitted a supplementary report to the public prosecutor’s office. Sharma was arrested by CIB in India on June 11.

Shivashikhar Cooperative President Sushil Baniyan, Secretary Tej Bahadur Tamang and Manager Lilanath Gautam are absconding. They are now in prison for pre-trial detention. The police have been bringing them to court as per the order of the court.

While the fraud case for misappropriation of co-operative funds is going on, the wealth laundering department has sent a report to Bhaktapur district co-operative attorney’s office with the opinion that a case should be filed against Sharma and his wife Geeta for acquiring undisclosed wealth and laundering the wealth obtained through various means.

The department mentioned that Sharma set up a company to misuse the savings collected in the cooperative. The department alleges that he embezzled Rs 5.13 billion through artificial loans in the names of 10 companies including Shikhar Organization, Garden Mart, Shivshikhar Agro and others.

He is accused of embezzling 1.16 billion rupees in the name of companies such as Garden Mart, Tulsi Motor Pump, Tulsi Research Center, Tulsi Rice and Chura Udyog. He is also accused of illegally acquiring property worth 7.58 billion.

Kedarnath and Geeta are accused of directly embezzling Rs 16.97 million from Tulsi Cooperative and Rs. 1.11 billion from Shivshikhar Cooperative.

Kedarnath had invested in 59 companies while his wife Geeta had invested in 13 companies, according to the Asset Consolidation Department.

The department is submitting an investigation report to the district attorney’s office, Bhaktapur, with the opinion that money laundering charges should be filed. The Public Prosecutor’s Office will file the case in the District Court, Bhaktapur.

The Asset Laundering Investigation Department has prepared an investigation report against Sharma with a demand of 32 billion 900 crores. This is the most flawed case in the money laundering case so far.

Investment not only in Nepal but also in India and Myanmar

Sharma has registered a company named New Golden Everest in Yangon, Myanmar, which sends pulses and dal pods to Shikhar Organization.

Kedarnath Sharma had registered Nepashikhar Organization India Limited in India. Amish Rajbhandari, the owner of the cooperative, also told the CIB that Sharma was doing business by registering a company called ‘Nepashikhar Organization India Limited’. This company is registered as a subsidiary company of a foreign company under the Ministry of Corporate Affairs of India.

Not only the co-operative resources have been misused, but also billions of banks’ investments in Sharma’s various companies have been put at risk. About 5 and a half billion loans have been invested from banks, except for a few loans, most of them have bad mortgages.

Sources claim that Sharma took the most loans from Nepal SBI Bank. The bank has invested around 2.5 billion Karja Sharma in various companies.

Arjun Nepal, chief credit officer of the bank, said that SBI Bank has given loans to the companies of Shikhar Organization, but could not tell the exact figures. Online newssaid to

In addition, Nabil Bank has invested around 200 million in loans. The bank said that Nabil Bank has an investment in Sharma’s water pump company and also has its mortgage.

Sources claim that Himalayan Bank has more than 1.5 billion loan investments in various companies in the name of Kedarnath and his wife Geeta. Similarly, Nepal Investment Bank has about 900 million loan investments.

Similarly, Machhapuchhre Bank has invested about 680 million in his two industries. The bank has booked the collateral of the said loan in non-banking assets.

Sources say that Prabhu Bank has invested around 40 crores in his company. Apart from this, NMB Bank also invested about 80 million in loans.

Sharma invested unsecured loans in his private company from two cooperative societies in Bhaktapur and Morang. Initially, the board of directors used to decide to register a company in a certain place and to invest loans from cooperatives in that company.

After that, he registered a company of the same nature as his own private company in another place and added assets to that company from the loan taken from the cooperative and also from the loan taken from the bank and continued the company as his private business.

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