- Arrest in capital flight scam
- Probe traces firms involved in capital flight
- Over Rs 8bn capital flight to Hong Kong
A statement issued by the department on Friday stated that the warrant was issued after initial investigations showed Raut´s direct involvement in misappropriation of foreign currency through drafts and telegraphic transfer (TT) obtained from Himalayan Bank and Nepal Investment Bank for the purpose of importing various goods. [break]
According to the statement, Raut obtained a number of drafts and TT in the name of the firm between mid-July 2010 and now. The firm´s Permanent Account Number (PAN) is 303774941.
The statement also confirmed that the department has initiated an investigation over misuse of foreign currency released through drafts/TT for importing goods form overseas. In this regard, the department has detained Narayan Poudel (mistakenly reported as Suman Poudel on Friday), a financial manager of the firm who was handling entire banks transactions on behalf of the firm.
Sources added that Poudel has already been produced before Kathmandu District Court and remanded in five days´ judicial custody. Apart form the two banks, the department has started collecting documents related to drafts/TT form Bank of Kathmandu and NIC Bank.
Poudel, who is in police custody, is being interrogated by investigating officers of the department, said the statement and adding that the department has started questioning concerned officers associated with draft/TT and letter of credit sections of both the banks.
MoF forms probe team
Meanwhile, the Ministry of Finance has formed a three-member committee to investigate the shortcomings seen in controlling the misuse of foreign currency under the pretext of importing goods from Tibet and to recommend policy measures to mitigate reoccurrence of such incident in future.
The committee with Director General of DRI as coordinator and one representative each from Nepal Rastra Bank and Department of Customs has been asked submit its report within a week.
The committee will focus its investigation into the loopholes seen at local banks that issue drafts/TT for import purposes. Likewise, it will also try to investigate how the existing mechanism at the central bank failed to trace misuse of huge amount of foreign currency for more than five months.
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