Pokhara, Feb. 28 -- Kasturi Multipurpose Cooperative based in Beni of Myagdi district has come under scrutiny after it was revealed that the cooperative's savings were allegedly misused by its chair Rajesh Shakya and his family members using forged documents.

Investigation showed Shakya's family took loans amounting to 91 percent of the total savings deposited in the cooperative without providing any collateral.

Shakya's wife, brother, two sisters, and a nephew have reportedly borrowed over Rs479 million, which constitutes the bulk of the total loans disbursed by the cooperative. The cooperative disbursed a total loan of Rs520 million, of which 91 percent has been taken by Shakya's family members. As a result, nearly 1,100 depositors ha...