Police on Friday arrested former chairman of Kantipur Saving and Credit Cooperative CB Lama.

Senior Superintendent of Police Sanuram Bhattarai said a team from the Kathmandu Valley Crime Investigation Office arrested Lama near the Nepal-India border in Chitwan.

The Kathmandu Police received a complaint alleging Lama of misusing the savings. He is linked to the misappropriation of Rs8 billion in public cash deposited in various cooperatives. He was nabbed in connection with the complaint that he embezzled Rs2 billion of depositors’ savings.