Money laundering: Cooperatives on watch

The absence of a regulatory body and clear legal framework has made co-ops a risky place for people to deposit their savings, insiders say.

Retired civil servant Prakash Shrestha had deposited Rs200,000 in a fixed deposit account and Rs100,000 in a savings account at Gautam Shree Cooperative, Kuleshwar 15 months ago, hoping to build up a little nest egg.