Police Bust Illegal Cryptocurrency and Hundi Ring in Kathmandu

Kathmandu. Police have arrested a gang operating illegal cryptocurrency and Hundi transactions centered in the New Baneshwor area of Kathmandu. A special team from the Kathmandu Valley Crime Investigation Office, Teku, acting on a tip-off, apprehended four individuals on Sunday evening along with 3 million rupees in cash and electronic devices used for the transactions.

Authorities have initiated legal action against them for conducting virtual currency and illegal financial transactions in violation of Nepal Rastra Bank directives. The arrested individuals are 32-year-old Saban Adhikari from Chitwan (currently residing in Jhamsikhel), 25-year-old Ashish Adhikari from Tarkeshwor, 32-year-old Rabin G.R. from Thamel, and 37-year-old Anitya Shakya from Imadol.

Preliminary police investigations indicate that the group was involved in the buying and selling of cryptocurrency and the transfer of large sums of money through Hundi. Police seized 3 million Nepalese rupees in cash, six mobile phones of various brands, and one Apple MacBook from their possession.

Preparations are underway to prosecute them under Section 125 (a) of the National Penal Code, 2074 for Hundi transactions and Section 162 (a) for the prohibition of the use of virtual currency. Superintendent of Police Manohar Prasad Bhatta stated that all those arrested have been sent to the District Police Range, Bhadrakali, for further investigation and legal action.