Kathmandu Court Orders Custody for Man Accused in Major Cryptocurrency Money Laundering Case

Kathmandu. The District Court Kathmandu has ordered Mohammad Saf, 24, from Kalaiya Sub-Metropolitan City-20 in Bara district, to be held in custody during the investigation of a money laundering case related to involvement in cryptocurrency.

A single bench of District Court Judge Pitambar Sharma issued the order to send him to custody for further proceedings on Wednesday.

The District Government Attorney's Office Kathmandu had charged Saf with involvement in illegal crypto trading, claiming he illicitly earned NPR 198.1 million. The prosecution demanded the confiscation of assets equivalent to that amount, a fine double the claimed illicit earnings, and imprisonment ranging from 2 to 15 years, considering the severity of the offense. They also demanded the confiscation of the recovered mobile phones and SIM cards.

Police arrested Saf on the evening of Mangsir 10, 2082, from Bhadrakali, Kathmandu, under suspicious circumstances. During the search, police recovered two mobile phones. Preliminary examination of the phones revealed large transactions of cryptocurrencies such as USDT, BOONK, and PEPE through his 'Binance' account, police stated.