Kathmandu–After evading capture for almost seven months, Nepali Congress Member of Parliament (MP) Maya Rai has been arrested today. The arrest follows an ongoing investigation into a major financial scam involving a cooperative she was once associated with.
Maya Rai: Wanted for Financial Mismanagement and Embezzlement
Rai had been on the police’s wanted list for months, despite quietly receiving her government salary and allowances during the period. The news about her sudden appearance in Parliament yesterday, despite an active arrest warrant, quickly went viral.
Rai was a part of the Swarnalakshmi Cooperative, located in Kalimati, Kathmandu, which was reportedly involved in fraudulent financial activities. The cooperative’s ties to the notorious cooperative scam kingpin, Gitendra Babu (also known as GB Rai), brought further attention to her involvement.
Court Issues Arrest Warrant: Rai’s Sudden Parliamentary Appearance Sparks Controversy
Although an arrest warrant had been issued by the court, Rai managed to attend the parliamentary session yesterday, where she was met with no arrest despite the heavy security. The Nepal Police faced strong public criticism after the incident, with reports suggesting that instead of arresting Rai, they greeted her with salutes as she entered and exited the building.
This incident led to widespread backlash, prompting the Kathmandu Crime Investigation Branch to act quickly. Shortly after, Rai was arrested by police from the Kapan area.
Swarnalakshmi Cooperative Fraud Investigation: Maya Rai’s Role Uncovered
Rai’s role in the Swarnalakshmi Cooperative scam began to surface during a detailed investigation into the cooperative’s financial mishandling. From 2073 to 2074 B.S. (2016–2017 A.D.), Rai served as a member of the cooperative’s board of directors. She later held the position of Deputy Secretary from 2074 to 2076 B.S. (2017–2019 A.D.).
Police findings revealed that the cooperative’s funds were misappropriated during her tenure, with several loans being issued without collateral. The investigation also uncovered that NPR 8,934,355 (approximately 8.9 million rupees) had been embezzled under her watch.
Fraudulent Investments and Unlawful Practices During Maya Rai’s Tenure
During the fiscal year 2073/74 B.S., it was found that the cooperative invested over 10% of its total capital in high-risk, unlisted institutions. Moreover, Rai’s actions, particularly during her time as Deputy Secretary, led to further misuse of cooperative funds in the subsequent fiscal years.
The audit report from fiscal year 2074/75 B.S. revealed that loans were granted based on group recommendations, which violated the cooperative’s financial rules. Additionally, Rai was found to have caused a loss of NPR 14,210,433 (approximately 14.2 million rupees) in loan provisioning.
Further audit findings disclosed that the cooperative had collected over ten times its share capital in savings, which is a violation of financial regulations. In fiscal year 2076/77 B.S., legal violations were found under Rai’s administration.
Police Recommend Legal Action Against Maya Rai and 44 Others
Based on these revelations, the police recommended legal action against Maya Rai and 44 other individuals involved in the scam, citing charges of cooperative fraud and organized crime. The report was submitted to the District Government Attorney’s Office for further investigation.
However, the Kathmandu District Government Attorney’s Office ultimately filed charges against only 39 individuals. Maya Rai was among the five people who were exempted due to unclear details regarding their ancestral records and addresses.
Maya Rai’s Final Appearance in Parliament Amid Threat to Her Seat
Despite being underground for months and continuing to receive her government benefits, Maya Rai reappeared in Parliament yesterday, following concerns that her seat might be in jeopardy due to her absence. Her sudden appearance has left many questioning the level of accountability within the political system.
Conclusion: Nepal Police and Political Accountability Under Scrutiny
Maya Rai’s arrest marks a significant development in the ongoing investigation into financial fraud and political accountability in Nepal. The case has raised serious concerns about the misuse of public funds and the failure of authorities to act swiftly in holding individuals accountable for large-scale financial mismanagement.
The investigation into the Swarnalakshmi Cooperative scam is ongoing, and further legal proceedings are expected in the coming months.
