Civil Savings Chairman Ichchha Raj Tamang convicted: Three-year jail term and Rs 1.72 billion fine for money laundering

KATHMANDU: In a significant legal development, Ichchha Raj Tamang, the chairman of Civil Savings and Credit Cooperative Society, has been handed a three-year jail sentence and a hefty fine of Rs 1.72 billion by the Special Court for his involvement in a money laundering case.

The judicial panel, consisting of Chairman Tek Narayan Kuwar and members Tej Narayan Singh and Marari Bau Shrestha, delivered the verdict on Sunday, declaring Tamang, his wife Sirjana, and his maternal uncle-in-law Keshav Raj Shrestha guilty.

Tamang's spouse, Sirjana, faces a concurrent sentence of one and a half years behind bars, accompanied by a substantial fine amounting to Rs 1.3 billion. Similarly, Keshav Raj Shrestha has been sentenced to one and a half years in prison, coupled with a fine of Rs 256.5 million.

In a turn of events, Tamang's daughters, Pratikshya and Pratistha, have been absolved of any wrongdoing in the case.

Furthermore, the court has issued an order for the confiscation of assets belonging to Tamang, his wife, two daughters, maternal uncle-in-law, and his wife, marking a decisive legal action in the high-profile money laundering investigation.