Chairman of Shiva Shikhar Multi-Purpose Cooperatives, Kedarnath Sharma, has been arrested for embezzling savers’ millions of rupees.

The Central Investigation Bureau (CIB) of Nepal Police arrested him from the west of Nepal and brought him to Kathmandu. Additional details would be divulged later today, according to Superintendent of Police, Nabaraj Adhikari.

It was learnt that Sharma had been hiding in different parts of India. He had also established a cooperative in Morang.

He is accused of duping depositors by investing the deposits in his personal company and firms illegally.

The depositors had lodged complaints at CIB and Cooperatives Department against Sharma and other promoters after Sharma failed to release the deposits as they demanded.