Cooperatives Fraud Scandal: Detainees Released After Pledging Million-Rupee Settlements While Mastermind GB Rai Remains Untraceable.
Courts Grant Bail to Surjya Darshan Suspects on Massive Financial Commitments; Search Intensifies for Absconding Network Chief.
KATHMANDU — In a major breakthrough within Nepal's ongoing cooperative embezzlement crackdown, the Kaski District Court on Monday ordered the conditional release of Mahendra Bhote, a key accused in the high-profile Surjya Darshan Cooperative fraud case in Pokhara.
Bhote was granted bail set at 500,000 Nepalese Rupees after formally committing to the court that he would personally take liability for and repay a staggering principal amount of 170 million Rupees (17 Crore Bi-go). This legal mechanism allows accused individuals to secure their temporary freedom while ensuring accountability for the defrauded depositors' funds. Following his court-approved pledge and the deposit of his bail amount, Bhote walked free from custody later that evening.
The legal relief for Bhote follows a similar judicial precedent set last week in the same jurisdiction. On June 4, 2026, the Kaski District Court released another prominent suspect linked to the multi-million rupee financial scam, Pramod Khanal, under a identical arrangement where he pledged to settle his designated share of the embezzled liabilities.
The Enigma of Gitendra Babu (GB) Rai
While subsidiary figures and board members within the fraudulent network are gradually appearing before the judiciary to settle their financial liabilities, the central mastermind behind the nationwide cooperative crisis, Gitendra Babu (GB) Rai, continues to evade law enforcement agencies.
Rai, who served as the founding chairman of a massive network of savings and credit cooperatives across Nepal, faces multiple criminal charges for allegedly siphoning off billions of rupees from ordinary depositors to fund his private business ventures, including media houses and digital networks. Despite interpol red notices and coordinated efforts by Nepal Police, his current whereabouts remain completely unknown, causing immense frustration among thousands of victims waiting for the return of their life savings.
Legal experts note that while the court's willingness to release suspects based on financial commitments provides a potential pathway for asset recovery, the absence of the primary architect, GB Rai, severely complicates the comprehensive resolution of the fraud network. Authorities are under mounting public pressure to track down the fugitive chief to prevent the complete collapse of public trust in the country's cooperative sector.
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