KATHMANDU: Rabi Lamichhane, the chair of the Rastriya Swatantra Party (RSP), has been granted bail by the Kathmandu District Court in relation to the savings fraud case against Swarnalakshmi Cooperative Society. A bail sum of Rs 6 million was established.

When awarding Lamichhane's release, the judge made it clear that he could not be presumed innocent at this stage of the investigation. The need for additional court procedures to determine the facts was underlined by Judge Madhav Prasad Adhikari's single bench.

Lamichhane is accused of embezzling Rs 1.193 billion from 690 savers who were connected to the Swarnalakshmi Cooperative. The court's ruling emphasized that guilt had not yet been proven, citing Sections 68 and 72 of the Criminal Procedure Code, 2017.

This decision follows Lamichhane's fraud charges in a different case involving the Suryadarshan Cooperative Society, a Pokhara-based organization. He was recently released on bail in that case after being held for 84 days and making a deposit of Rs 6.5 million.

According to the court's conclusions in the Swarnalakshmi case, Lamichhane may have been involved in financial irregularities. According to reports, he oversaw important deals while Gorkha Network Media Pvt. Ltd.'s managing director.

Lamichhane’s signature was found on a Global IME Bank account tied to Gorkha Network Media Pvt. Ltd., which he opened before he became a shareholder in the company. Investigations showed that funds from the cooperative were transferred to this account, although the company was not a member of the cooperative.

The court observed that loans of Rs 9.346 million were obtained for the purchase of automobiles under the names of Lamichhane and another defendant. Further investigations showed that the Swarnalakshmi Cooperative received Rs 90.16 million, signed by Lamichhane.

More questions were raised about Lamichhane's financial activities when money from the Gorkha Network Media Pvt. Ltd. account—which also had his name on it—was disbursed to other people. These transactions are at the center of the present investigation.

Although Lamichhane was given bail, the court prohibited him from remaining in Kathmandu throughout the trial. The ruling emphasizes the necessity of carefully weighing the facts before assessing his guilt.

Lamichhane said he was relieved to be free and promised to assist the justice system. The court did point out that the accusations against him are still pending and that the case is still being investigated.

With large sums of money and many savers involved, the Swarnalakshmi Cooperative fraud case has garnered a lot of attention. The case is now centered on Lamichhane's alleged involvement in the financial mismanagement.

According to Judge Adhikari's conclusions, Lamichhane was involved in the financial transactions that are currently being investigated to a considerable extent. Activities involving the cooperative's funds have been linked to his role as an executive at a media firm.

Concerns regarding supervision and responsibility in cooperative management have been raised by the case. The accusations made against Lamichhane draw attention to possible problems with governance in Nepali financial organizations.

It is anticipated that Lamichhane's legal team will contest the results as the inquiry progresses and the prosecution develops its case. The intricacy of the case is reflected in the court's decision to grant bail while stressing the necessity for additional investigation.