Illegal cryptocurrency trading: Rs 97.4 million embezzled

Published On: March 15, 2022 04:55 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, March 15: The Department of Revenue Investigation has filed a case against two persons on the charge of trading in foreign exchange illegally.

The department filed a case against Pushkar Shrestha and Binita Limbu of Ratuwamai Municipality-7, Morang on Monday at the Kathmandu District Court under the Foreign Exchange (Regularization) Act, 2019, according to a statement issued by the department today. The accused have been found to have illegally traded US dollars through mass collusion using means such as OneXwet, Destruction, AdvCash, Coinbase and Packfull, which are banned in Nepal. 

It has been revealed that they were involved in the US dollar exchange as investors in cryptocurrency. The accused Shrestha was found to have embezzled a total of Rs 8.6 million from Mega Bank, Rs 25.1 million from Citizen Bank, Rs 18.2 million from NIC Asia Bank and Rs 23.6 million from Rastriya Banijya Bank. Similarly, the accused Limbu is found to have embezzled Rs 21.69 million from NIC Asia Bank. 

The department has filed a case against the accused demanding confiscation of the embezzled amount and punishment and up to three years imprisonment.


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