Dev Kumar Nepali, the founder president of Image Savings and Credit Cooperative Society Limited in Baglung, who has been unreachable for 9 months since closing the cooperative, has pledged to transfer all his property to the victims. Nepali made this promise on Magh 19th, stating that he would transfer both movable and immovable assets from himself and his wife to the cooperative’s name.
Nepali disappeared from contact since Jestha 5th, 2080, failing to return savings to cooperative members. Despite earlier assurances on Mangsir 5, he had been unable to fulfill his commitment. Subsequently, separate committees formed in Baglung, Galkot, Burtibang, and Pokhara to address the victims’ plight. These committees held meetings on Magh 6th and Magh 10th, announcing plans to sue Image Savings and Credit Cooperative for reimbursement. A new board of directors was also established.
In light of mounting pressure, Dev Kumar Nepali acknowledged purchasing properties with funds from cooperative members, loans, and personal assets. He emphasized that acquisitions were not made with cooperative savings, admitting that cooperative funds were used for a house purchase.
Nepali reiterated his willingness to surrender all his possessions to the cooperative’s victims and urged stakeholders to facilitate a conducive environment for resolution. He clarified that the financial crisis within the cooperative, not ill intentions, led to the current predicament. Despite initial plans to resolve issues within six months, external circumstances hindered progress.
With no liquid funds available for reimbursement, Nepali sought assistance to repay bank loans and member savings by selling properties. He appealed to various entities including cooperative departments, government bodies, law enforcement, political parties, civil society, media, and cooperative activists for support.
Additionally, Nepali committed to remain active in serving the community, affirming attendance at Dhorpatan Municipality.
The cooperative’s savings scandal underscores the need for transparency and accountability in financial institutions, as stakeholders work towards resolving the crisis and restoring trust in cooperative ventures.
