The Loan Record That Toppled a Home Minister
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The Loan Record That Toppled a Home Minister
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The Loan Record That Toppled a Home Minister
This episode explores how a media company became the conduit for the disappearance of 2.58 billion rupees from the savings of ordinary people in Nepal. It delves into the role of cooperatives in the country and the legal framework that was meant to protect these funds, raising questions about enforcement and accountability.
Person: Rabi Lamichhane
Amount: 2.58 billion rupees
Location: Nepal
Event: Cooperative funds transfer to Gorkha Media Network
Date: 2017-2022
- Gorkha Media Network, owner of Galaxy 4K television, began receiving funds from nine cooperatives across six Nepali cities around 2017.
- The Cooperative Act of 1991, updated in 2017, explicitly prohibited the transfer of member savings to private companies.
- Rabi Lamichhane became managing director of Gorkha Media Network in February 2021, during which 831 million rupees moved from cooperative accounts.
- Investigators documented mechanisms like forged share certificates, counterfeit documents, and fictitious loan accounts used in the transfers.
- A 20 million rupee loan was registered in Rabi Lamichhane's name within the records of Supreme Cooperative in Butwal.
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