By Trend News Line 2024-05-25 10:30:00.
Owner of Shiva Shikhar Multi-Purpose Cooperative Accused of Misappropriating Billions
In a shocking turn of events, Kedarnath Sharma, the owner of Shiva Shikhar Multi-Purpose Cooperative, has been accused of misappropriating over 33 billion rupees of public deposits from various co-operatives. This has led to a case being prepared against him by the Department of Money Laundering Investigation (DoMLI).
You may also like to watch : Who Is Kamala Harris? Biography - Parents - Husband - Sister - Career - Indian - Jamaican Heritage
Claim of Rs 32.90 Billion Against Sharma and Others
Sharma, along with eight others including his wife Geeta, is currently in police custody over charges of misusing cooperative funds. The DoMLI has outlined a claim of 32.90 billion rupees against them in a report prepared for filing the case against their company. The report has been sent to the District Government Attorney General Office in Bhaktapur.
Compensation Demands and Legal Proceedings
The DoMLI’s report claims a compensation of 22.81 billion rupees from Sharma, while 523.3 million rupees have been claimed from his wife, Geeta Sharma. Additionally, compensation demands have been made against companies registered under various individuals’ names. Sharma has been identified as the main accused, and the DoMLI has demanded double punishment and confiscation of assets in the case.
Allegations of Misappropriation and Unlawful Earnings
Sharma is accused of misappropriating billions of rupees under the name of Shiva Shikhar and Tulsi Savings and Credit Cooperative in more than 35 districts across the country. The DoMLI alleges that Sharma unlawfully earned assets through the misuse of cooperative funds, leading to the initiation of legal proceedings against him.
Investigation and Failed Probes
Despite investigations into Sharma’s involvement in misappropriating funds, totaling 22.81 billion rupees registered under his wife’s name through various companies, no sources of the acquired assets have been identified. This has led to the initiation of legal proceedings by the DoMLI, as the Central Investigation Bureau of Nepal Police failed to uncover the origins of the funds.
You may also like to watch: Is US-NATO Prepared For A Potential Nuclear War With Russia - China And North Korea?
Business Ventures and Loans
Sharma has been accused of setting up multiple companies and misappropriating funds through artificial loans. His private company has engaged in businesses not only within the country but also abroad, with ventures in Myanmar and India. Sharma has acquired a substantial loan from the bank, adding to the complexity of the case.
Conclusion
The case against Kedarnath Sharma and others involved in the misappropriation of public funds highlights the need for stringent measures to prevent such incidents in the future. The DoMLI’s actions in pursuing legal proceedings against the accused demonstrate the government’s commitment to tackling financial crimes and protecting public assets..
DoMLI prepares case against fraudster Sharma for misappropriating billions of co-operatives.
