Shivashikhar Cooperative Faces Severe Allegations: 16,000 Depositors in Far West Struggle to Reclaim Savings

Dhangadhi: Following reports of misappropriation and embezzlement of depositors' funds in Shivashikhar Cooperative, the Central Investigation Bureau (CIB) has urged the respective district police offices to launch investigations into the matter. Requests for investigation have been made in the districts where Shivashikhar branches and service centers are operational, including Dhangadhi and Attariya in Kailali, Dadeldhura in Lamki, Mahendranagar in Kanchanpur, and Dipayal in Belauri, Doti.

Depositors have collectively saved a staggering amount of 1 arba 60 crore in these branches and service centers. However, they are now facing immense challenges in retrieving their hard-earned savings, alleging misappropriation by the cooperative. In the Far West region alone, approximately 16,000 victims of Shivashikhar Cooperative are unable to access their collected savings.

Due to the cooperative's involvement in departmental stores, the business operations of the Mahendranagar branch and departmental store, as well as the Dhangadhi branch, have been suspended for the past three and a half months. Depositors across other branches are also facing difficulties in withdrawing their savings. In response, the victims of Shivashikhar Cooperative have formed a committee and are protesting against the situation.

The Sangharsh Committee has raised concerns with the administration and the police, demanding the immediate arrest of the cooperative's owner and the return of the funds. According to the Sangharsh Samiti, the Dhangadhi branch alone has witnessed around 6,000 individuals depositing approximately 63 crores, while the branch itself has only invested a mere four and a half crores.

The CIB's correspondence to the respective district police offices has resulted in the issuance of notices, urging depositors to come forward and lodge complaints against Shivashikhar Multi-Purpose Cooperative. Such notices have already been published by the District Police Offices in Kailali, Dadeldhura, Kanchanpur, and Doti. The police have requested victims to submit applications with supporting evidence to their offices.

Depositors who suspect fraudulent activities by the cooperative have been advised to contact the Criminal Investigation Branch of the respective District Police Office, providing the necessary documents. The published notice emphasizes that complaints should include copies of citizenship certificates, passbooks showing cash deposits, and evidence of the cooperative's failure to repay both the principal and interest.

On the day of the complaint's publication, Shivashikhar Multi-Purpose Cooperative Society Ltd. was officially notified of the actions being taken against them. The notice highlights the cooperative's failure to return depositors' savings, its operation of branches across multiple districts, and the alleged misappropriation of funds through investments in private firms such as Shivashikhar Organization.