Investigation report: Misappropriation of NPR 2.58 billion in cooperatives by GB Rai and his relatives

Kathmandu, September 20 — The parliamentary special investigation committee has reported that there has been misappropriation of funds amounting to NPR 2.58 billion related to cooperative institutions, transferred under the names of Gitendra Babu (GB) Rai, chairman of Gorkha Media Network Pvt. Ltd., and his relatives, in violation of existing cooperative laws.

The committee, chaired by Member of Parliament Surya Bahadur Thapa, noted in its report that NPR 655,438,053 of this amount was deposited into the account of Gorkha Media Network Pvt. Ltd.

According to the report, NPR 224,630,000 was deposited from various cooperatives including Suryadarshan, Supreme, Sano Paila, Swarnalaxmi, Samanta, and Sahara. Additionally, NPR 430,774,538 was shown as loans under different individuals' names, which were then deposited into Gorkha Media, with loans recorded under GB Rai’s name.

The report also indicated that NPR 120 million of the total amount was accounted for as share capital for Gorkha Media Network Pvt. Ltd., while GB Rai himself utilized NPR 82,091,643.

After Rabi Lamichhane left Gorkha Media, the GB Group of Companies took over its management.

On July 14, 2022, they obtained a loan of NPR 20 million from Supreme Savings and Credit Cooperative, which was disbursed to Gorkha Media Network Pvt. Ltd. on July 15, 2022.