Govt to Seize and Auction Assets of Cooperative Fraudsters: Finance Minister
“The assets of those who have embezzled money from cooperatives will be confiscated and auctioned,”
In a bold move aimed at restoring trust in Nepal’s troubled cooperative sector, Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel announced during today’s budget speech for fiscal year 2082/83 that the government will take strong action against individuals who have misused public funds collected through cooperatives.
“The assets of those who have embezzled money from cooperatives will be confiscated and auctioned,” Minister Paudel declared during his address to the Federal Parliament. He emphasized that no one involved in the misappropriation of cooperative savings will be spared, and strong legal measures will be enforced to recover the stolen funds and deliver justice to the victims.
The announcement comes in response to growing public outrage over the misuse of billions of rupees deposited by ordinary citizens in cooperative institutions. Several cooperatives across the country have collapsed or defaulted on repayments, leaving thousands of depositors in financial distress.
To ensure proper monitoring and reform, Minister Paudel also highlighted plans to strengthen the regulatory framework of the cooperative sector. This includes digitalizing cooperative operations, establishing a cooperative crisis management fund, and improving coordination between local, provincial, and federal governments.
As with last year, Minister Paudel arrived at the Parliament building carrying the budget document in a locally-made bag, a symbolic gesture promoting Nepali products and sustainability.
The finance minister’s strong words and clear intent to take action signal a decisive shift in the government’s stance on financial mismanagement. The announcement has been widely welcomed by the public, particularly by victims of cooperative fraud, who have been demanding justice and compensation for years.