As part of latest efforts to draw the government's attention toward their demands, victims of cooperatives staged a demonstration at Maitighar Mandala, Kathmandu, on April 28.
nvn news
Mon Apr 28 2025
As part of their latest effort to press the government to recoup their life's savings, victims of cooperatives staged a demonstration at Maitighar Mandala, Kathmandu, on Monday (April 28).
Half-clad, the protesters marched onto the streets with placards that read messages like 'We are ready to lay our lives for our cause', 'The movement is our compulsion, it's not for fun' and 'Don't take our patience as weakness'.
According to the Economic Survey of 2022, Nepal, as of mid-March of FY 2022 had 30879 cooperatives, 73,37,252 share members and the total share capital of Rs. 94.12 billion.
According to some estimates, around 40 cooperatives have embezzled a whopping Rs 87 billion ($630 million) belonging to depositors ranging from pensioners and housewives to farmers and professionals, in the course of a decade or so, thanks to successive governments' act of giving the cooperatives a free rein.
With their lives’ savings gone, many of the victims are literally on the road while several have even taken their own lives even as the embezzlers continue to go scot-free.
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