The Central Investigation Bureau has arrested three individuals on charges of embezzlement of over Rs74 million of the Kathmandu-based Square Savings and Credit Cooperative.

Those arrested include cooperative chair Basudev Man Joshi, 66, of Kathmandu Metropolitan City-14; secretary Subarna Selalik, 67, of Kathmandu-25; and member Dharma Ratna Pachhai, 58, of Kathmandu-26.

Superintendent of Police Hobindra Bogati, who is also the spokesperson for the CIB, said they were arrested on Friday. On Sunday, Kathmandu District Court remanded them for a week for further investigation.

According to him, the cooperative operators have been accused of luring depositors with the promise of attractive interest rates but failing to return their deposits.