Over Rs 7 billion at risk as cooperative owner dupes banks and depositors
Rabindra Chaulagain, owner of Deurai Multipurpose Cooperative Limited A businessman was looking for land to build a showroom and warehouse for construction materials. He found 7,187.25 sq. ft of land, in Satdobato, near to ANFA complex, which was owned by Rabindra Chaulagain, owner of Deurali Multipurpose Cooperative Limited. Chaulagain said that there was no bank loan on the land and he would pass it on immediately at Rs 8.5 million per sq ft, which means Rs 170.85 million in total. The man was happy and decided to meet Chaulagain to pay him an advance and start the process of acquiring the land. Before paying the advance, the businessman sent his employee to the Department of Land Reform and Management (DOLRM) office at Lagankhel, to confirm if there were any issues with the land. To his surprise, the businessman found the land had been mortgaged to take out a loan of Rs 180.5 million from Mega Bank (now Nepal Mega Investment Bank). “Although I saved myself from ...