The municipality has returned savings of Rs 10,000 each to five people representing the then Dibyashwari, Balkumari, Chapacho, Nagdesh and Bode VDCs when Madhyapur Thimi Municipality was established.
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Madhyapur Thimi Municipality has started returning savings of cooperative victims. Madhyapur Thimi Municipality started returning savings by distributing Rs. 10,000/10,000 each to the savers of the troubled cooperative Agricultural Development Savings and Credit Cooperative Society in a meeting organized on Friday on the occasion of the 69th National Cooperative Day.
The municipality has returned savings of Rs. 10,000/10,000 each to 5 people representing the then Dibyashwari, Balkumari, Chapacho, Nagdesh and Bode VDCs when Madhyapur Thimi Municipality was established.
The cooperative, which was run in Madhyapur Thimi-3, had absconded without returning the savers' money. The cooperative was declared problematic in accordance with the municipality's Cooperative Act 2079 BS and Regulations 2080 BS and started managing the cooperative.
Madhyapur Thimi Municipality declared the Agricultural Development Savings and Credit Cooperative Pvt. Ltd. problematic on 17th Jestha 2081 BS. Then on 28th Jestha 2082 BS, the municipality formed a problematic cooperative management committee under the chairmanship of a former judge.
The committee had issued a public notice to the cooperative's savers to come and claim their savings and to repay the loans to the cooperative's debtors. Accordingly, the work of returning the money to the savers who came to claim their savings has been started, said Madhyapur Thimi Municipality Mayor Surendra Shrestha.
Currently, 549 savers have submitted applications to the committee claiming their savings. Out of these, 252 savers who deposited checks with the committee in the first phase will be refunded Rs 10,000 each.
According to him, the work of recovering loans from the cooperative's debtors is also underway. The committee has so far recovered Rs 4.2 million in loans. Mayor Shrestha said that the recovery of savings has been initiated from the same amount. According to the cooperative branch of the municipality, more than Rs 220 million has been claimed from savers of the Agricultural Development Savings and Credit Cooperative Organization so far, while the organization has invested Rs 240 million in loans, said Mayor Shrestha.
