There are 575 cooperative scammers in jail, PM Oli says Khabarhub

KATHMANDU: Prime Minister KP Sharma Oli has announced that more than 600 people have been booked in connection with the cooperative scam. Speaking from the Prime Minister’s Office and Council of Ministers at the Singha Durbar on the occasion of the government’s first 100 days in power, Oli outlined the administration’s decisive action to address the issue.

“We have constituted a parliamentary committee to look into misappropriation of cooperative savings and have made a firm commitment to spare no one involved,” Oli said. He added that 575 of those prosecuted are now serving prison sentences for defrauding co-op members.

Oli said his government is focused not only on bringing offenders to justice but also on providing a long-term solution to protect the sector.

“We are not only punishing cooperative fraudsters,” Oli said, “but are also working to create the necessary legal and institutional framework to prevent future fraud.” This includes the enactment of the Cooperative Bodies Act, the establishment of a cooperative credit information center and the establishment of a debt recovery tribunal.