Kathmandu. The Chief Executive Officer (CEO) of Gautam Shree Multipurpose Cooperatives has been arrested by the police. The Kathmandu Valley Crime Investigation Office (CIFI) on Wednesday arrested the cooperative’s CEO Rabin Bista based in Kuleshwor, Kathmandu.

Superintendent of Police (SP) Manohar Prasad Bhatta confirmed that CEO Bista has been arrested. He has been sent to the District Police Range, Kathmandu for further action. Now the investigation is going on by extending the deadline for 4 days.

It is alleged that the cooperative has cheated savers of more than Rs 5.5 billion. The cooperatives have been declared problematic by the Cooperative Management Committee. Ram Bahadur Gautam, chairman of the cooperative, is absconding.