Two years after the collapse of Image Savings and Credit Cooperative, over 1,500 depositors in Baglung are still waiting for their savings to be returned, despite the arrest and imprisonment of its founder and officials.

Dev Kumar Nepali, mayor of Dhorpatan Municipality and the cooperative’s founding chair, was arrested in India in September 2024 and has since been remanded in custody in Baglung under court order. However, victims say his imprisonment has done little to address their financial suffering.

Tirtha Paudel, who once worked in the sanitation department of Baglung Municipality, deposited around Rs3.5 million he received in grants into the cooperative, lured by an 18 percent annual interest.

“We were promised security and returns. Now, even basic medical expenses are a burden,” he said. “Justice won’t be served just by jailing the guilty—we need our money back.”

Rs20 million hard-earned by Krishna and Sarita Kandel, who operated a plastic goods shop in Baglung, including personal savings and funds borrowed from family is in crisis. Sarita now suffers from physical and mental health issues due to the stress. “We don’t need legal justice—we need our money back,” she said. “If our money isn’t returned, what justice are we really getting?”

According to officials, the cooperative is accused of misappropriating around Rs1.54 billion from its branches in Baglung, Galkot, Burtibang, and Pokhara. Nepali also reportedly borrowed Rs350 million from various banks and financial institutions, including Cooperative Bank, Garima Development Bank, and Global IME Bank.

Legal proceedings have led to the imprisonment of six cooperative officials, including Chitra Bahadur Bhandari, Naramati Budha, Shakti Kisan, Dor Bahadur Pariyar, and Anita Budhamagar. They are being held in pre-trial detention following a July 21, 2023, court order.

While a few depositors with savings below Rs100,000 have received partial refunds through a loan facilitated by the victims’ struggle committee, most are still waiting. According to advocate Ram Sharma, over 1,460 victims have signed settlement agreements in the hope that reconciliation might enable Nepali to sell assets and repay dues.

“Without financial recovery, justice remains incomplete,” said Sharma. “Reconciliation might allow him to be released and liquidate assets, but unless all plaintiffs withdraw complaints, legal freedom won’t be possible.”

Despite small steps towards restitution, many like Paudel and Sarita continue to ask a simple question: “When will we get our money back?”