Measures to prevent co-operative fraud

This is a scary picture. Such problems have come to be deeply investigated. There is a need to enact a law that can punish co-operative operators with heavy fines, confiscation of their property and imprisonment of up to 20 years.

They have to go to jail after being prosecuted for fraud, but they do not have to go to jail if they are declared problematic and the government will take care of the problem, so now the fraudulent cooperative operators are on the way to get immunity by declaring them problematic cooperatives. Therefore, it is necessary to amend the Cooperatives Act 2074 and add a new clause so that all the directors have to remain in prison until the money of the victims remains.

Laws have been tightened and the operators who are opened with the purpose of fraud will be caught themselves. An environment is created for good cooperatives to thrive. All the cooperatives in Nepal have mobilized around 8 billion loans and made this country prosperous. They went door to door and collected savings.

Money is given immediately when needed. This is the reason why cooperatives have become one of the three pillars of the economy. Therefore, the government should play a supporting role to protect the cooperatives. Let's take the following measures immediately to prevent cooperative fraud.

1. Let us punish the victims by confiscating and auctioning the assets of the directors who manage the cooperative's money themselves. Let's make it legal to put all the operators in jail until the savings of the victims are returned. Let's suspend their passports.

2. Let the directors, employees or members of the credit sub-committee, who extend unsecured loans, recover such loans from their assets.

3. Let's issue a circular to stop the facilities given by the state to those who deliberately do not pay the loans of cooperatives, such as passports, facilities provided by the local government, recommendations, etc. After the work and facilities stop, they will automatically pay the loan of the cooperative. The failure of the co-operatives is not only the fault of the directors but also the hands of the bad debtors.

4. If a single borrower is not to be cheated by 10 cooperatives, it is necessary to immediately put the credit information center into operation as provided in the Cooperative Act 2074. Why is the government not able to implement it? Who's stopping you? The government should answer this to the people.

5. The Cooperative Stabilization Fund arranged for short-term relief to cooperatives in trouble should be put into operation immediately.
– Gopal Devkota, Gokarneshwar, Kathmandu