Kathmandu, April 4
The government has formed a three-member investigation commission to look into complaints of fraud by loan sharks by forcing excessive interest rates on gullible people, locally known as the meterbyaj problem.
A cabinet meeting on Tuesday evening formed the commission led by former judge Gauri Bahadur Karki. Its two members include former Nepal Police AIG Uttam Bahadur Subedi and former deputy attorney general Ganesh Babu Aryal.
The cabinet formed the commission as per an agreement signed with the loan shark victims this weekend, informs Communications and Information Technology Minister Rekha Sharma.
Loan shark victims, mainly from districts of the southern plains, say local loan sharks have been duping them of millions of rupees in compound interests calculated in an unfair system locally known as the meterbyaj.