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🇳🇵 Nepal /Economy & Trade

Hundreds leave Janakpur on a march to Kathmandu to appeal against loan sharks

From Kathmandu Post · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources Ongoing story
  • Nearly 400 victims of predatory lending marched to Kathmandu, citing the government's failure to act on past agreements.
  • Victims shared harrowing accounts of being forced to pay exorbitant interest, losing land, and facing continued harassment despite repaying debts.
  • The march, organized by the Farmers and Workers Movement Against Loan Sharking Nepal, vows not to return until their cases are resolved.

Hundreds of victims of predatory lending have embarked on a march to Kathmandu, accusing the government of failing to uphold past agreements and allowing loan sharks to continue their exploitation. Nearly 400 individuals from across Nepal began the protest on Thursday, demanding action against exploitative moneylenders.

I borrowed Rs80,000 and ended up paying Rs520,000. Even then, the harassment never stopped. I have lost my money, and my land remains under court restriction.

— Chandeshwar Prasad MandalMandal described the devastating financial and personal impact of his loan.

One marcher, Chandeshwar Prasad Mandal, recounted borrowing Rs80,000 for medical expenses in 2014. Despite repaying Rs520,000, his lender pursued him for the collateralized land, leading to a protracted legal battle that reached the Supreme Court. "I borrowed Rs80,000 and ended up paying Rs520,000. Even then, the harassment never stopped," Mandal said. "I have lost my money, and my land remains under court restriction."

He claims to be ill and avoids appearing whenever officials call him for mediation. My life has been ruined. I am walking all the way to Kathmandu to tell Prime Minister Balendra Shah’s government about my suffering.

— Chandeshwar Prasad MandalMandal expressed frustration with the lack of resolution and his hope for government intervention.

Indra Bahadur Darji, another participant, shared his experience of being deceived into signing multiple loan agreements for a single loan, resulting in the loss of land. He expressed determination to see the issue resolved this time. "We will not return home if our case is not resolved this time," Darji stated.

I signed two documents, but I was given only one copy. The other document was hidden from me. I have already lost 12 dhurs of land (203.16 square metres), and the case is still before the court. I don't know how much more land I will lose.

— Indra Bahadur DarjiDarji detailed the deceptive practices used by the moneylender.

The march, organized by the Farmers and Workers Movement Against Loan Sharking Nepal, is the third phase of a nationwide campaign. Participants like Sarvajit Raya and Phulo Devi Ram also shared stories of immense financial loss and ongoing distress due to predatory lending practices, highlighting the systemic nature of the problem across various districts.

We will not return home if our case is not resolved this time.

— Indra Bahadur DarjiDarji conveyed the determination of the marchers to achieve a resolution.
DistantNews Editorial

Originally published by Kathmandu Post. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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