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Loan shark victims end struggle after five-point agreement


The weeks-long struggle of loan shark victims ended on Saturday after they signed a five-point agreement with the government.

Several dozen loan shark victims had gathered in Kathmandu from different parts of Nawalparasi district to build pressure on the government to punish the loan sharks, who have been troubling them with “never-ending payments”.

“We have signed a five-point deal with the government,” said Ram Surat Gupta, convenor of the struggle committee of borrowers forced to pay exorbitant interest rates. “We are currently holding a review meeting.”

They had been holding sit-in protests at Maitighar for more than six weeks.

The five-point agreement was signed by Gupta, the convenor, and Joint Secretary at the Home Ministry Bhishma Bhusal, who leads the task force formed to recommend ways to control the crime related to loan-sharking.

According to Bhusal, the two sides have agreed to probe the properties of the loan sharks and the government has also pledged to make arrangements for compensating the victims who died due to the torture meted out by the lenders.

If it is proven that the mortgaged land of the victims was captured by the loan sharks even after the victims paid back the loan along with the interest, a legal mechanism will be set up to reclaim the land.

The government agreed to fulfil other demands of the victims through a Cabinet decision by coordinating among the authorities concerned as recommended by the task force.

“We will announce the end of our protests at Maitighar Mandala on Sunday,” said Uma Shankar Loniya, secretary of the struggle committee.

The government had formed the six-member task force on August 12 after the loan shark victims started their sit-in at Maitighar.





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