An official of DRI told myrepublica.com that the raid was carried out on the basis of series of advertisements that the firm had put in newspapers, urging Nepali citizens to invest 120,000 Canadian dollars in Canada and get Canadian Permanent Resident Visa for the investor and family members. [break]
Officials involved in the raid told myrepublica.com that they had taken computers and documents from the firm under their control for further investigations. We have also asked office manager Durga Poudel and other concerned to produce themselves for recording statements on Wednesday, said the official.
The action was taken as the services being extended by the firm go against both the Act to Ban Investments of Nepalis 2019 and Foreign Exchange Regulation Act 2021, said a DRI official.
How can a firm openly urge Nepali people to invest in foreign land when an Act of a country clearly put a ban on such activities, the official questioned. In addition, Nepal has not opened Capital Account Convertibility, which means Nepal´s financial system does not allow people to sell assets for the purpose of investing in foreign lands, he added.
Since there is no formal facility of foreign exchange for abroad investments, we are suspecting that such kind of activities is also promoting illegal trans-border transaction of foreign currencies, the official said.
Though the consulting firm has been in negotiations with over 600 potential clients, initial investigation suggests that it was yet to send any person, the official added.
Earlier, Nepal Rastra Bank - the central monetary authority of the country -- has also published public notices urging people not to go behind such advertisement as investment made in foreign lands goes against the law of the country.
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