Victims of cooperation living in deprivation

PHADINDRA ADHIKARI, Lekhnath, October 22: Bir Bahadur dreamed of building a small house by purchasing a small plot of land in Kachhada of the capital city of Pokhara. He saved Rs. 2.3 million after 13 years in Saudi Arabia.

However, this amount was not enough even to purchase a plot in Pokhara. Having heard that Suryadarshan Savings and Credit Cooperatives

offers attractive interest rates, he put all his savings there three years ago.

After a year of saving money, Bir Bahadur went to a cooperative with his wife Bhagwati. However, when they arrived at the office, they found that it was closed.

Bhagwati said that all their savings and income vanished into thin air, leading to her husband’s death from a heart attack.

Bhagwati, who raised her son and daughter while doing housework in someone else’s house, is in a state of despair after her husband’s death. Meanwhile, she is also involved in the cooperative victims’ movement.

A police investigation revealed that co-op employees used various schemes to attract customers.

They even charged a huge commission for attracting clients who deposited large sums.

They even found potential clients. After receiving information that Sanukaji Bajimayi from Nadipur Pokhara-3 had money from the sale of a house in Mohariya, the Suryadarshan employees began calling repeatedly. Accountant Srishti Manandhar often called him, luring him with the promise of a 14 percent interest rate if he deposited his money.

Abhinandan, son of Sanukaji, said, “How did they know that we have money? My parents invested a total of Rs. 11.5 million in Suryadarshan. Of this amount, Rs. Rs 8 million was deposited in Sanukaji’s name. 2.5 million in the name of his wife Rachanadevi and Rs. 1 million in the name of his daughter.” According to him, after receiving interest amounting to 14 percent for two years, the cooperative was closed.

Sanukaji and his family also participated in the cooperative victims’ movement. After losing the money, Rachanadevi fell ill with high blood pressure.

Dal Bahadur Gurung of Bagar Pokhara-1 heard from his relatives on numerous occasions who deposited Rs. 5 to 6 million that they received 15 percent stake in Suryadarshan.

Hearing this, he too gave in to temptation and deposited the rupees. 2.6 million. Interest reached his home two years later. After this, his hopes of earning interest were dashed and he became involved in the co-op victims’ movement.

Suryadarshan Struggle Committee coordinator Kiran Shrestha said that the management of the cooperative was cheating people by using various tricks to collect savings and equity capital.

He said: “They raised money, lured by interest rates of up to 20 per cent. On birthdays, the co-op sent cakes home, brought interest to our doorstep and attracted people with attractive interest as soon as they became aware of the money.”

Total Rs. 1.37 billion was misappropriated from 18,700 depositors in Suryadarshan. From small business owners to those looking to buy houses and lots or who have invested money after selling land, many are now in dire straits. After the closure of the cooperative two years ago investors submitted complaints to the police.

In the ongoing fraud case against Suryadarshan, 60 people have been named as accused, but only nine have been arrested so far. Among those arrested, three are currently in custody and six are being held for further investigation.

Suryadarshan Savings and Credit Cooperatives, established in 2006, are reported to have transferred Rs. 55.8 million Gorkha

Media. Former Home Affairs Minister Ravi Lamichhane is currently in Kaski police custody on charges of fraud and organized crime.

Coordinator Shrestha said political parties had also begun to influence the investigation, leading to protests. He said: “Those who claim to be fighting corruption should not protest to obstruct investigations into co-operative fraud.”

Meanwhile, victims of the cooperative have repeatedly sought justice by submitting memoranda to Lamichhane when he was Home Minister and at other times.

Shrestha said, “We have no one left to appeal. If he is acquitted by the court, he could become a minister or even prime minister. If an investigation is not carried out, it will be unfair to us.” The extraordinary general meeting of Suryadarshan is scheduled for November 23.

Plans are now underway to reopen the cooperative, which has been closed for two years, despite some directors absconding and others in custody.

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